After making a strong trend higher for the bulk of this year, price in this market has been in consolidation mode for the past two months.
As the daily chart shows; price has been winding up tighter and tighter with a series of lower highs.
Price is now coming to an important crossroads. Momentum has been building lower with each test of the major support...
After a large sell off in this market, price has moved into consolidation.
Over the next few sessions we can begin to watch for the next phase and the continuation.
If price can break the intraday minor support around 10197.95, then we could get a move into the major support level and potentially start looking for much larger breakouts lower.
Thanks for your...
We discussed this market last week and the fact that price was looking to pullback into the major support level and 50% Fibonacci level.
Now price has pulled back into this level we can see a bullish engulfing bar and rejection candles have formed rejecting the support.
As yet there has been little follow through and for a move back into the recent swing high...
In yesterday’s trade ideas we discussed this market and the key resistance level we were looking for short trade signals.
Price moved into this resistance and formed solid bearish trade signals on both the 1 hour and 4 hour charts.
Price has now sold off lower with the recent swing low becoming the next major support.