When you take a look at the Daily Time Frame you can spot that there is a double top rejection
since the current trend is around Resistant Zone but not just a resistance zone but a strong one
Then on the Daily time frame again you can spot a bearish engulfing pattern also.
Entry: @ 69.076
SL: @ 60.748
TP @ 69.08
Thank you for checking out my idea...
We can see on this week chart although we seen some rejections which couldn't reach the Resistace Zone so we looking the whole of April selling in a way withing the first week trend making some correction before descending below the strong resistance zone.
On the Monthly timeframe, you can see that downtrend for a long period of time keep touch this current support zone and is isn't able to break through because that is a very strong support zone and have been always turned into trend reversal zone and also currently as the current trend approaches this current zone the, the current candlestick has started to...
MOVING DOWN ON THE RIGHT DIRECTION
Referring the Weekly Time frame wish has long rejection against the bulls signalling long push downwards trend
The the 4H chart for verification and entry also works exactly
The uptrend was very strong and was able to break through most of the resistance zone leaving them to turn into support zone.
But now on the monthly time frame the trend is at where it likely to reverse from any moment.
So now on lower timeframes like the 4Hrs entries can be really found for the downtrend.
if trend really...
STARTING FROM UP TO DOWN ANALYSIS
On monthly timeframe, the current candlestick got mass bearish pressure selling to the extent that it broke through the monthly support zone.
Then now Big rejection on the same candlestick just occurred with a great amount of pressure from the bulls. Signifying that bulls are in control in monthly. ...
STARTING FROM TOP TO DOWN
- The current candlestick on the chart has a tail of rejection which respected a monthly trendline.
- Now on weekly, you can see a bearish engulfing candlestick parthern also formed with the last candlestick being a pull back of a bullish candlestick almost touching the monthly trendline. ...
On the monthly and on the weekly time frame, there is much bearish pressure selling down.
Now on the daily timeframe currently the last candlestick shows a big rejection in the direct
position of a boolish candlestick.
Also you can identify a bearish engulfing candlestick pattern.