Context 1:
Support: $125.50
Resistance: $185.00
Psychological Levels: $150.00 and $200.00 and $225.00
Context 2:
Technical Structure 1: We find ourselves in a Bearish Flag Pattern to finish off an almost 2 year long Head and Shoulders. After CPI news today we saw a bullish push to sweep liquidity at the $190.00 significance level with some force. Support test 3 times and resistance tested twice.
FVG’s:
FVG Confluence 1: One bearish Daily FVG located above price..
Golden Pocket: Sits inside the bearish Daily FVG and aligns with the $225.00 Psychological level and the apex of our last test of resistance of the Bearish Flag Pattern. Strong confluence.
Context 3:
Volume Insight: OBVshows a spike in volume from level $145.00 to psych level $150.00 aligning our POC with a major support level at psych level $125.00.
Bearish Scenario: There is a Daily RB in our way to $200.00 to $210.00. If we mitigate and close above the RB; we may see a solid push to our initial bearish GP created from the inital move down. We may see a sweep of the GP at the $225 psych level and a bounce rejection from the Daily FVG at the top of our Bearish Flag and a flush of liquidity to follow.
Support: $125.50
Resistance: $185.00
Psychological Levels: $150.00 and $200.00 and $225.00
Context 2:
Technical Structure 1: We find ourselves in a Bearish Flag Pattern to finish off an almost 2 year long Head and Shoulders. After CPI news today we saw a bullish push to sweep liquidity at the $190.00 significance level with some force. Support test 3 times and resistance tested twice.
FVG’s:
FVG Confluence 1: One bearish Daily FVG located above price..
Golden Pocket: Sits inside the bearish Daily FVG and aligns with the $225.00 Psychological level and the apex of our last test of resistance of the Bearish Flag Pattern. Strong confluence.
Context 3:
Volume Insight: OBVshows a spike in volume from level $145.00 to psych level $150.00 aligning our POC with a major support level at psych level $125.00.
Bearish Scenario: There is a Daily RB in our way to $200.00 to $210.00. If we mitigate and close above the RB; we may see a solid push to our initial bearish GP created from the inital move down. We may see a sweep of the GP at the $225 psych level and a bounce rejection from the Daily FVG at the top of our Bearish Flag and a flush of liquidity to follow.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.