The daily candle has violated the 427.6 support level. However, the bulls have fought back and the candle’s market price is tangling with this support. If the candle closes above this support, its sanctity is preserved and there could be an opportunity for a bounce towards 450.9. Any further recovery depends on the break of this resistance, targeting 481.2 and 511.3 in the process.
However, if a penetration close below 427.6 is the case, then the door will be opened for further selling, targeting 388.3 and potentially 328.5. If the bulls can defend this support level at 359.4 (early August 2021 highs), then there may be room for salvation at that level.
However, if a penetration close below 427.6 is the case, then the door will be opened for further selling, targeting 388.3 and potentially 328.5. If the bulls can defend this support level at 359.4 (early August 2021 highs), then there may be room for salvation at that level.
