Market structure:
1. Market is currently in a downtrend as you can see the fall in the left side.
2. Big red bars on the screen are evident.
3. Price is below all Moving Averages
Price action:
After lower lows, now we are seeing a consolidation. This can be either distribution or accumulation.
As a directional trader, I would like to favor the direction by saying it is distribution but market is supreme. I will decide the action based on actions.
Possibilities:
1. Breakout above 25200 - A short covering. View change from bearish to upside.
2. Breakdown below 24950 - A directional short.
1. Market is currently in a downtrend as you can see the fall in the left side.
2. Big red bars on the screen are evident.
3. Price is below all Moving Averages
Price action:
After lower lows, now we are seeing a consolidation. This can be either distribution or accumulation.
As a directional trader, I would like to favor the direction by saying it is distribution but market is supreme. I will decide the action based on actions.
Possibilities:
1. Breakout above 25200 - A short covering. View change from bearish to upside.
2. Breakdown below 24950 - A directional short.
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.
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.