Weekly Timeframe: Following a positive close below the weekly decision-point level at 1244.08, price appears relatively free to trade lower down to around a ‘weekly buy zone’ seen at 1156.70-1194.45. Be that as it may, a retest (now resistance) could very well be seen of the weekly decision-point level sometime soon.
Daily Timeframe: Monday’s trading action saw prices react off of a minor daily decision-point level at 1227.66, for any traders who entered long here, be careful, as the weekly decision-point level (now resistance - 1244.08) is just above! This level is somewhere where we intend to be looking for shorting opportunities.
4hr Timeframe: Price just missed the 4hr flip level at 1223.33 by a few points! We have set a new pending sell order just below the 4hr supply area (1250.85-1243.69) at 1242.87, since this area lines up perfectly with the weekly decision-point level at 1244.08, in fact this was very likely the area where pro money made the ‘decision’ to push prices below this weekly level making this a very strong 4hr supply area indeed.
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: 1242.87 (Stop loss: 1251.98 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.