Another simple chart showing that price is once again testing what has been relatively strong resistance as shown by the past two previous attempts to break above. What I'm looking for is either a break out above resistance or for price to stall at resistance forming dojis or hammers/pinbars , basically candlestick formations showing bears being in control. One thing to note is the support / accumulation base support formed at the 118.30-119.00 area. Showing bulls accumulating positions for a wave higher and possible breakout above the 122.00 resistance area, so that should just be note of caution for any sellers.
Cheers =)
Update: Now that price has broken through resistance I'm moving down to the 4HR time frame to look for an entry! Good Luck traders =)
Cheers =)
Update: Now that price has broken through resistance I'm moving down to the 4HR time frame to look for an entry! Good Luck traders =)