In the 4 hour chart, we see a nice downtrend still being developed without any strong buyers showing up to work. We saw how they ripped through the .618 Fib and took us down to the $230 level.
As we go into the weekend we need to see if they can get us back above the previous support of $250s (now a Future Resistance level in our way back) in order to see a meaningful attempt move back to the $270s.
Be aware if we break the $230 to the downside, this will expose the $200 level and even lower.
As we go into the weekend we need to see if they can get us back above the previous support of $250s (now a Future Resistance level in our way back) in order to see a meaningful attempt move back to the $270s.
Be aware if we break the $230 to the downside, this will expose the $200 level and even lower.
Trade closed: target reached:
No meaningful attempt was made to move higher, they were just no buyers around the 240-250 so they had to move the price lower in order to find new buyers.
We'll see if this price range 212-220 will attract new money and move us higher. We will have the $232 as a resistance in the way up. Safe trading guys !
We'll see if this price range 212-220 will attract new money and move us higher. We will have the $232 as a resistance in the way up. Safe trading guys !