The price is hitting a key area at a confluence of technical levels. Suggesting there is a good chance of at least a downside reaction.
Note: If we break and close above the 149.30 a weekly candle, that would be a bullish continuation signal.
- The ceiling of the falling channel that started from January's top.
- In addition to the horizontal key resistance at 149.30 area.
- Add to that the 52-week(yearly) simple moving average.
- Also, this could be a retest to the previously broken major long term rising trend line(dashed line)
Note: If we break and close above the 149.30 a weekly candle, that would be a bullish continuation signal.