Currently in a bearish trend, bounced off the upper trend line a few times already, currently we are stuck in the middle so it could go either way.
If it continues to go down, we are starting to approach our long term support (yellow line). That is in the lower 160 range. If that support fails then we can easily the upper 140's touched briefly.
Current resistance is in the 175-180 range. If that is broken then next resistance will be 190 but that will be tough to break.
I will keep an eye on this and will update if needed.
I circled what I believe is a good buy zone considering the current state of the market.
If it continues to go down, we are starting to approach our long term support (yellow line). That is in the lower 160 range. If that support fails then we can easily the upper 140's touched briefly.
Current resistance is in the 175-180 range. If that is broken then next resistance will be 190 but that will be tough to break.
I will keep an eye on this and will update if needed.
I circled what I believe is a good buy zone considering the current state of the market.
Comment:
well that was short lived..
we bounced off the resistance a few times and approaching the buy zone i circled. '
Still looking at 160 as main support and 170-175 as current resistance.
we bounced off the resistance a few times and approaching the buy zone i circled. '
Still looking at 160 as main support and 170-175 as current resistance.
I'm still looking at 180 as the current resistance, but if we keep pushing then we can go ahead and look forward to 190.
I am learning more and more everyday about TA, I'm hoping to get a break from school in the next few days so I can spend more time mastering the basics and learning more in depth analysis. Any support / recommendations would be nice and I hope I can at least bring insight to a few of you guys out there.