Price is ranging around the supply area created at previous highs.
- 7260 needs to hold if we are to continue up , a violation of this low will be telling for the medium term price action potentially opening the door to 6800 if this level is broken.
- Price is downtrending in the 4 hour chart and is now trading into some demand.
- Price violated the low at 7199 and formed a minor supply from the move down.
- Price is retesting the minor supply and could continue down from here.
- Bearish until price breaks 7135 unless price forms another high that is then violated.
Price is at a key area of resistance on the daily chart with price being in a downtrend this is a nice area where a lower high could potentially form opening to the door to a nice move down to form a lower low.
Alternatively we could see price spike these highs to run the stops set above the highs and spike up to a supply zone near 8500/9000 areas. If this...