AJ to 77.500, then back down to 74.350
We are on an overall downtrend with AJ, however, after 4 weeks of strong bearish momentum, I believe bullish a correction will now come into play. Looking at the daily time frame, 3 noticeable wicks to the downside have been created on the past 3 days, showing a strong support for that zone. It is also a significant area of support, lining up with the body of the flash crash candle back in January. I believe that it can go up to 77.500, an area of support, which will turn into resistance confirming the continuation of the downtrend. Will wait for a break, retest, and continuation of the upper channel to confirm.
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.