TimeNewBank has established a clear downtrend, as price producing lower lows and lower highs. The downtrend trendline has been rejected along with the 200 Moving Average, suggesting the continuation of the decline.
TNB/USD is likely to drop towards the 161.8% Fibonacci retracement level, that is $0.014 support. This level could play a key role in further price development and therefore it is important to watch the price action around it.
Considering the downtrend, it is very hard to talk about the reversal or even a corrective wave up at this point. But, if TNB will decide to move up, daily break and close above the $0.025 resistance will be required for the bulls to take over the price. At this stage price could start reversing to the upside.
TNB/USD is likely to drop towards the 161.8% Fibonacci retracement level, that is $0.014 support. This level could play a key role in further price development and therefore it is important to watch the price action around it.
Considering the downtrend, it is very hard to talk about the reversal or even a corrective wave up at this point. But, if TNB will decide to move up, daily break and close above the $0.025 resistance will be required for the bulls to take over the price. At this stage price could start reversing to the upside.
Trade closed: target reached