We discussed this market yesterday and the inside bar and bearish rejection candlestick that price had formed at the daily resistance level.
Price has now sold away from that level and is moving lower into support.
This support looks crucial.
Not only has this support level held in recent times as a support level, but also as an important daily chart resistance level.
If we get a break below this level, then there is a lot of free space for price to move lower and break free into.
A break of this level would also open the door for short trading opportunities on the daily and smaller time frames.
Price has now sold away from that level and is moving lower into support.
This support looks crucial.
Not only has this support level held in recent times as a support level, but also as an important daily chart resistance level.
If we get a break below this level, then there is a lot of free space for price to move lower and break free into.
A break of this level would also open the door for short trading opportunities on the daily and smaller time frames.
Related publications
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.
Related publications
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.