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Context:
price remains in a downchannel and tested the 50% retracement level of the alltime rally at 1080
which is a major key level , any break of this level and we head lower, any bulls enetering here and we may start a new rally
Location:
Price formed a indecision at the key level of 1080 and broke out to the upside this should be considered a sign of strenght
Price Action:
the breakout to the upside resulted in a rally which got to an halt at 1125ish and price now
formed a minor range with support 1112ish and resistance at 1120ish , we currently
reside at resistance
Conclusion:
intradaywise one could lookout for a rejection of the resistance level at 1120, any breakout to the upside
plus a retracement can be used for a long play , aswell as any rejection off support at 1112
or wait for the extremes in this case the mean of the indecision / 50% mark at 1100
support:
1112
1100
1080
resistance:
11200
11270
Context:
price remains in a downchannel and tested the 50% retracement level of the alltime rally at 1080
which is a major key level , any break of this level and we head lower, any bulls enetering here and we may start a new rally
Location:
Price formed a indecision at the key level of 1080 and broke out to the upside this should be considered a sign of strenght
Price Action:
the breakout to the upside resulted in a rally which got to an halt at 1125ish and price now
formed a minor range with support 1112ish and resistance at 1120ish , we currently
reside at resistance
Conclusion:
intradaywise one could lookout for a rejection of the resistance level at 1120, any breakout to the upside
plus a retracement can be used for a long play , aswell as any rejection off support at 1112
or wait for the extremes in this case the mean of the indecision / 50% mark at 1100
support:
1112
1100
1080
resistance:
11200
11270
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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.
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.