Nice try by the bulls but it seems not good enough.
Bulls have made some effort to gain terrain but the trend is still bearish.
The past days we saw a strong rejection of the 55ema and the trendline. If bulls have an intention to seek higher ground their time is limited. Once we break down the upwards trendline there is a cluster of fibs and two trendlines of resistance. It will need brute force to overcome this. I give it more then 50% change we break, the upward trendline will be resistance so we may see a little upward move but finally it will break down again.6400 could be reconfirmed within jan 2020 and maybe the downside of the long term trendcanal where 5200 region would be a perfect spot for a turnaround.
The past days we saw a strong rejection of the 55ema and the trendline. If bulls have an intention to seek higher ground their time is limited. Once we break down the upwards trendline there is a cluster of fibs and two trendlines of resistance. It will need brute force to overcome this. I give it more then 50% change we break, the upward trendline will be resistance so we may see a little upward move but finally it will break down again.6400 could be reconfirmed within jan 2020 and maybe the downside of the long term trendcanal where 5200 region would be a perfect spot for a turnaround.
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.