The 200 EMA (in Red) and the downward trendline appear to be offering strong resistance though it's right on the edge. This is also a lower low in this bigger timeframe. If this holds and price goes down I have a target resistance line around 5800. That line is from an earlier price level that showed support/resistance.
For me to go long it would have to break the 200EMA and the downward trend line, retest then take off. For my particular system I would also need the 12EMA (blue) to cross over and above the 36EMA (red). Right now the 12EMA is still below the 36EMA as well.
That said I hope this resistance holds and we see a 5800 level price - I'm waiting for my account to fund so I'm dead in the water watching on the sidelines until Saturday!
For me to go long it would have to break the 200EMA and the downward trend line, retest then take off. For my particular system I would also need the 12EMA (blue) to cross over and above the 36EMA (red). Right now the 12EMA is still below the 36EMA as well.
That said I hope this resistance holds and we see a 5800 level price - I'm waiting for my account to fund so I'm dead in the water watching on the sidelines until Saturday!