Weekly Timeframe: At the time of writing, price is trading around a weekly decision-point (support) level at 1244.08. In our humble opinion, it may be time to be locking in profits on any shorts open, and thinking about looking for buying opportunities.
Daily Timeframe: Price has broken below both the daily decision-point level at 1252.02, and the daily demand area at 1238.41-1254.85. This could likely encourage follow-through selling down to around a minor daily decision-point level at 1227.66.
4hr Timeframe: Our pending buy order set just above 4hr demand (1240.92-1244.87) at 1245.52 has been stopped out. Price aggressively broke below the 4hr demand area, and traded directly into a very attractive 4hr demand zone at 1231.56-1235.85, which in itself seems to be a fakeout of the low 1234.09.
Evidently, we have missed the boat on getting in on a touch trade here, but all is not lost. We can wait for price action confirmation. If price breaks above the 4hr decision-point area at 1250.85-1246.33, this will very likely be a signal that higher prices are to come; since most of the sellers will likely be consumed indicating price is free to hit the next area of interest, which in our opinion is around the 4hr resistance flip level at 1257.55. If a signal such as this is seen, we will be setting a pending buy order around the 4hr demand area below at 1231.56-1235.85 awaiting a possible return.
Some may ask, why are we still considering going long when a daily demand area (1238.41-1254.85) has just been broken indicating prices could drop further? To answer this, In our view, price is still trading around an awesome-looking area of weekly demand (a weekly decision-point (support) level at 1244.08), and as most know, the higher timeframes usually overrule the lower, so our bias still remains north for the time being.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
Daily Timeframe: Price has broken below both the daily decision-point level at 1252.02, and the daily demand area at 1238.41-1254.85. This could likely encourage follow-through selling down to around a minor daily decision-point level at 1227.66.
4hr Timeframe: Our pending buy order set just above 4hr demand (1240.92-1244.87) at 1245.52 has been stopped out. Price aggressively broke below the 4hr demand area, and traded directly into a very attractive 4hr demand zone at 1231.56-1235.85, which in itself seems to be a fakeout of the low 1234.09.
Evidently, we have missed the boat on getting in on a touch trade here, but all is not lost. We can wait for price action confirmation. If price breaks above the 4hr decision-point area at 1250.85-1246.33, this will very likely be a signal that higher prices are to come; since most of the sellers will likely be consumed indicating price is free to hit the next area of interest, which in our opinion is around the 4hr resistance flip level at 1257.55. If a signal such as this is seen, we will be setting a pending buy order around the 4hr demand area below at 1231.56-1235.85 awaiting a possible return.
Some may ask, why are we still considering going long when a daily demand area (1238.41-1254.85) has just been broken indicating prices could drop further? To answer this, In our view, price is still trading around an awesome-looking area of weekly demand (a weekly decision-point (support) level at 1244.08), and as most know, the higher timeframes usually overrule the lower, so our bias still remains north for the time being.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
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