Price is currently on a double top structure and has presented a momentum shift towards the bears, by breaking up the SR line (blue line).
We may be seeing a price pullback or a retracement towards the resistance, before making a fall.
We still need to see a reversal pattern and a directional confirmation by candlesticks to confirm the potential market direction.
Consider the analysis invalid if price forms a break out at the resistance.
Observe for candlesticks reaction at the lower support levels, to confirm if price will break or rebound back into consolidation.
We may be seeing a price pullback or a retracement towards the resistance, before making a fall.
We still need to see a reversal pattern and a directional confirmation by candlesticks to confirm the potential market direction.
Consider the analysis invalid if price forms a break out at the resistance.
Observe for candlesticks reaction at the lower support levels, to confirm if price will break or rebound back into consolidation.
Note
Analysis to sell gone invalid as price formed a break out at the resistance. Changing bias to Buy.Order cancelled
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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.