Long term trend: Up
Medium term trend: Down
Significant Levels: 1251 (Horizontal Resistance), 1187 (Horizontal Support), Downtrend Line
The market recognized the support line yesterday. The price went down to the support and the day's bar closes above it. As of writing, the price does not move that much for the day. We are still Bearish on this market, but there is nothing we can trade as of the moment. If the price broke below the support line, we could look for a trade setup from there. But as the price is now just above the support, we cannot place a Short trade here. It is worth noting that even though we are Bearish on this market, the price recently has been making higher lows (though the price is still below the downtrend), so we might consider that when we decide on our trades in the near future.
Trade well.
Medium term trend: Down
Significant Levels: 1251 (Horizontal Resistance), 1187 (Horizontal Support), Downtrend Line
The market recognized the support line yesterday. The price went down to the support and the day's bar closes above it. As of writing, the price does not move that much for the day. We are still Bearish on this market, but there is nothing we can trade as of the moment. If the price broke below the support line, we could look for a trade setup from there. But as the price is now just above the support, we cannot place a Short trade here. It is worth noting that even though we are Bearish on this market, the price recently has been making higher lows (though the price is still below the downtrend), so we might consider that when we decide on our trades in the near future.
Trade well.