1 two weeks ago a pin bar was formed, with good volume, where the seller showed his strength.
2 last week and this week is a test with declining volumes, which confirms tthe buyer's weakness.
3 If the current week does not update the maximum, it possible to open a medium-term short position.
the price is within the range of the previous day
awaiting further correction to the targets:
The most probable resistance level to a range of 140,000 -142,000 is the main resistance level,
at this level you can look for a set up in the down trend.
second resistance level 149,000 - 152,000
a large range is not confirmed by an elevated volume.
Further growth is possible, but not for a long time - the market is weak.
Basic levels at the beginning of the week, where I'm looking to set up:
1. previous week's Hi 57.53
If the price goes higher, the LONG input will set up trend continuation (retest, consolidation breakdown, VSA)
1 very large volume of trading - looks like somebody big came out of the paper.
2. a false positive on an oversized volume.
3 closing of the day below the middle of the range
it's likely we won't see the Hi update for a very long time.
1 first sign of strength:
the biggest volume in the last few days is the buyback of the fall,
have closed above the middle of the range and above the previous closing.
2 may be an absorption candle.
if we close the day above yesterday's opening,
is to confirm the local power of the market.