Not a good look here on the 4 hour chart. Very weak tape and we've got several things working against this one.
1) Double top rejection
2) Broke down through a positive trend line with vigor
3) The 20 crossed up over the 40 which is good, but a tentative move IMO
We had buyers at the 1st white box right below the current price and that is still a fresh area of liquidity. If that fails to hold gap fill could be on the table here.
Good one to watch for a rebound, set some alerts and see where the price takes us.
1) Double top rejection
2) Broke down through a positive trend line with vigor
3) The 20 crossed up over the 40 which is good, but a tentative move IMO
We had buyers at the 1st white box right below the current price and that is still a fresh area of liquidity. If that fails to hold gap fill could be on the table here.
Good one to watch for a rebound, set some alerts and see where the price takes us.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.