Possible downtrend. It has reached a key resistance level which has been retested multiple times in the past. Right now, it attempted to cause a breakout but failed due to 2 strong bearish candlesticks. The price also did not break thru the previous false breakout of 202.89.
What I think will happen is that the price will retrace back to the key support level for now. Will decide my position again depending on the next candlestick after it reaches the support - if it goes bear or bull.
Based on the larger time frame, it has been trading in a horizontal channel since May. However, I can see an ascending triangle forming as well hence possible retracement before a bullish continuation. We should wait for further confirmation/go long on retest
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What I think will happen is that the price will retrace back to the key support level for now. Will decide my position again depending on the next candlestick after it reaches the support - if it goes bear or bull.
Based on the larger time frame, it has been trading in a horizontal channel since May. However, I can see an ascending triangle forming as well hence possible retracement before a bullish continuation. We should wait for further confirmation/go long on retest
Do drop me a like and share with me your analysis!