The market is still ranging which means that buyers and sellers are still equal.
The slight false breakout of the support level can give us an important information of what is going to happen because when the market is ranging , it makes always a false breakout before moving to the opposite direction. It is not the case every time but this happens frequently in the market.
Right now I think that the market is going to break the resistance level and go up , but I don't recommend doing any thing because nothing is clear for the moment . what we know is that the market is going to reach the resistance level, so there are three possibilities ;
1- A breakout of the resistance level and prices will then go up
2- A breakout and a pullback to the resistance level
2- A false breakout or a rejection from the resistance level .
let's see what is going to happen
please let me know what do you think about it ?
The slight false breakout of the support level can give us an important information of what is going to happen because when the market is ranging , it makes always a false breakout before moving to the opposite direction. It is not the case every time but this happens frequently in the market.
Right now I think that the market is going to break the resistance level and go up , but I don't recommend doing any thing because nothing is clear for the moment . what we know is that the market is going to reach the resistance level, so there are three possibilities ;
1- A breakout of the resistance level and prices will then go up
2- A breakout and a pullback to the resistance level
2- A false breakout or a rejection from the resistance level .
let's see what is going to happen
please let me know what do you think about it ?