Monthly On the monthly TF, we can see that price has rejected 1.3000 with a spinning top indicating indecision last month. This month, we've seen some bearish momentum, predominately from fundamental movements pushing us down and potentially forming an evening star if we can close at least 60% into April's candle.
Weekly 4 weeks ago we had a strong bearish candle rejection our monthly level of 1.300 and this has caused momentum to reverse heading to the downside. MA's are also converging. 2 weeks ago we had another strong bearish candle.
Daily MAs downward facing with clear lower highs and lows supporting a downward bias. Break of the daily TL as another supporting confluence. Yesterday's candle closed as a shooting star.
H4 MA's crossed over to the downside with clear lower highs and lows - in alignment with the higher TFs. Rejection off the 50% fib area twice with the most recent producing a bearish engulfing. Break of CTL as well as break of weekly level 1.2750 with retest - rejection - continuation.
Comments
Mandeep.Singh
⋅
Stopped at just beyond BE - aggressive pullback, probably forming a lower high before heading back down.