Per last week's concern of weakening upward momentum, market made a slight retracement. 14391 has to hold for long momentum to continue.
Possible Scenario: 1) If 14391 becomes resistance, market expected to test lower levels, with the potential of re-distribution play.
2) 14391 is supported or formation of higher low on daily chart = long opportunity (there has yet to be test of breakout on the daily TF)
Weekly = Ave vol UT bar rejecting higher prices. If next bar closes lower, we can confirm weakness. Daily = Average vol down bar closing in middle = minor strength (NS) H4:UHV down bar followed by up bar = strength
Price reaction levels: Short on Test and Reject | Long on Test and Accept
16767 16481 15992 15492 15160 14391 13666 13025
Remember to Like and Follow if you find this useful. Have a profitable trading week ahead.