Evening folks. Ive been looking at these charts for a few weeks now and it looks like we are setting up to hit previous lows or possible new lows. As you can see we have bounced of the resistance trend line which seems to be a pretty strong resistance.
We've had price break below the cloud which is part of my ichimoku strategy. What im waiting for are the red cloud to appear and the lagging span to break the cloud and we have a trade on our hands.
You can also see we have long wicks above the bodies of the previous daily candles which suggests that the buyers are losing control and bears are gaining strength.
I think we could see prices reach 3650 or break just below it, have a small reversal then head lower to perhaps 3500 area.
Its been a pretty volatile market though so trade safe and trade smart.
cheers
shaun
We've had price break below the cloud which is part of my ichimoku strategy. What im waiting for are the red cloud to appear and the lagging span to break the cloud and we have a trade on our hands.
You can also see we have long wicks above the bodies of the previous daily candles which suggests that the buyers are losing control and bears are gaining strength.
I think we could see prices reach 3650 or break just below it, have a small reversal then head lower to perhaps 3500 area.
Its been a pretty volatile market though so trade safe and trade smart.
cheers
shaun
Comment:
I meant to mention if we get a close below the ichimoku cloud then we could reach previous lows.