Long term trend: Up
Medium term trend: Down
Significant Levels: 1251 (Horizontal Resistance), 1187 (Horizontal Support), Downtrend Line
As previously discussed, the 1137 area is a very solid level on which the market will have a hard time to break it and recently, the price showed a strong rejection of this level and had gone up since then. We cannot say that this market is now back to its long term trend, which is up. We need more confirmation that the market is in an uptrend now before we will consider going Long.
We will not trade this market for now until a clear price action formed on the significant levels and signifies clearly where the market will go.
Trade well.
Medium term trend: Down
Significant Levels: 1251 (Horizontal Resistance), 1187 (Horizontal Support), Downtrend Line
As previously discussed, the 1137 area is a very solid level on which the market will have a hard time to break it and recently, the price showed a strong rejection of this level and had gone up since then. We cannot say that this market is now back to its long term trend, which is up. We need more confirmation that the market is in an uptrend now before we will consider going Long.
We will not trade this market for now until a clear price action formed on the significant levels and signifies clearly where the market will go.
Trade well.