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Context:
Price is still compressed within resistance 14520 and support 05000 the trend is still down
Location:
price found support just shy of the "mean" at 08150 and found resistance at 12180
we basically trade in the middle
Price Action:
after the rejection of 12000 we trade towards the 50% retracement of the current rally at 10300
price made a series of lower highs , and somewhat as we trade towards the 50% mark
we whitness a shortening of the downward thrust , if the downchannel tunrs out tobe true
it maybe because we trade near the oversold level ,
Conclusion:
Intradaywise one should watch out how price reacts at the 50% mark of 10300 in confluence with the oversold level
and the "mean" at 10000 we may have a nice long setup inplay , any break of these lvels with no buyers stepping up
and we have a shortside setup inplay , again as we trade at the "mean" its a a rsiky buisness due to chop expected,
if one doesnt want to get caught up in chop , wait for price to test the extremes.
support:
10300
10000
08150
resistance:
11400
12000
12180
Context:
Price is still compressed within resistance 14520 and support 05000 the trend is still down
Location:
price found support just shy of the "mean" at 08150 and found resistance at 12180
we basically trade in the middle
Price Action:
after the rejection of 12000 we trade towards the 50% retracement of the current rally at 10300
price made a series of lower highs , and somewhat as we trade towards the 50% mark
we whitness a shortening of the downward thrust , if the downchannel tunrs out tobe true
it maybe because we trade near the oversold level ,
Conclusion:
Intradaywise one should watch out how price reacts at the 50% mark of 10300 in confluence with the oversold level
and the "mean" at 10000 we may have a nice long setup inplay , any break of these lvels with no buyers stepping up
and we have a shortside setup inplay , again as we trade at the "mean" its a a rsiky buisness due to chop expected,
if one doesnt want to get caught up in chop , wait for price to test the extremes.
support:
10300
10000
08150
resistance:
11400
12000
12180