Last week's Weekly TF's weakness overwrote Daily & H4's minor strength. Test and reject of 13274 level provided good short opportunity. Market is approaching previous R/S level, as well as the demand line of the channel.
Possible scenarios: 1) Long if Channel support / 12442 support 2) Short on retracement / rejection at channel's supply line / rejection of 12735
Weekly = Ave vol down bar close toward low, taking out 3 previous lows = supply overcoming demand Daily = High vol down bar close off low = minor demand H4: Very high vol down bar close at low = possible bearish absorption
Price reaction levels: Short on Test and Reject | Long on Test and Accept
13587 13200 12735 12442
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