Near the bottom of the short term trend channel. We have retested the support and resistance line and I am looking for a breakout either way. A bullish move with conviction will likely take us to 10,538 level which is the 76.4% Fib retracement on the medium term trend. A breakdown of the channel and support line could bring strong selling.
Note
We have broken in a bearish direction out of the short term trend channel but are finding support in the 8750-8900 area. Given that price continues to hover just above the support region I am skeptical it will hold support. I plan to wait on the sideline in the safety of cash.If we see a bullish engulfing candle or some other formation to signal strength I would consider re-entering this market but I anticipate a move lower before any move higher.
***This is not financial or trading advice.***
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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.