HS1! 2020 Nov 30 Week PlanningHS1!
Bar 1
Price tried to break out of the resistance zone before meeting rejection to higher prices, closing in the lower region of the bar.
The breakout is not convincing
Bar 2
Another breakout attempt, but made a lower high than bar 1.
There is some demand as price close slightly above middle of the bar.
Reason for caution is that although the top of the resistance at 26876 is beginning to act like support, we are still in the supply area of Bar 1.
And the diminishing volume on the breakout attempts tell us that bullish strength is not really present.
Scenario planning:
1) 26876 resistance turned support and strong buy volume comes in. Will it attempt to close the gap from February 2020?
2) Mark up on low volume continues before price reversal
3) Price reversals back into resistance zone, and subsequently goes lower back into the rotation range
Trade with care for 30 Nov week.
