D1 : Doji top followed yesterday by a bearish engulfing pattern is confirming the ongoing
bearish tactical price action in a still strategic bull trend !
Watch H4 and H1 for further development
H4 : Yesterday's intradayprice action triggered the expected downside move towards a low of 43750
close to the expected target zone of 43000 !
Recovery attempt failed to breakout the important level of 45511, which is the middle of the long
black bearish candle and therefore, failed several times to confirm at least a piercing line which should
have neutralise the ongoing bearish price action
R 4 : 48200
R 3 : 47560
R2 : 46670
R1 : 45511 (VERY IMPORTANT !)
S 1 : 44800
S 2 : 43750
S 3 : 42814 (VERY IMPORTANT !)
H1 : Several dojis pattern rejected breakout attempts of the current downtrend line resistance
In addition, the last candle triggered a bearish engulfing pattern
As for H4, 45511 is a very important resistance level to break
A failure to do it would put the focus on the current uptrend line support
which has already been tested once early this morning and triggered a doji (bullish very short term signal) resulting
an attempt to breakout the 45511 level above mentioned, which failed !
Interesting to note that the 38.2% Fib ret @ 44050 hold which also coincides with the level of the
uptrend support line...
A failure to stay and hold above the uptrend support line would put the focus on the 50% Fib ret @ 42806, which iss
also currently the bottom of the clouds support zone.
Finally watch M15 and M15 in order to validate or invalidate the expected scenario above mentioned.
Have a good trading day.
All the best
Ironman8848
bearish tactical price action in a still strategic bull trend !
Watch H4 and H1 for further development
H4 : Yesterday's intradayprice action triggered the expected downside move towards a low of 43750
close to the expected target zone of 43000 !
Recovery attempt failed to breakout the important level of 45511, which is the middle of the long
black bearish candle and therefore, failed several times to confirm at least a piercing line which should
have neutralise the ongoing bearish price action
R 4 : 48200
R 3 : 47560
R2 : 46670
R1 : 45511 (VERY IMPORTANT !)
S 1 : 44800
S 2 : 43750
S 3 : 42814 (VERY IMPORTANT !)
H1 : Several dojis pattern rejected breakout attempts of the current downtrend line resistance
In addition, the last candle triggered a bearish engulfing pattern
As for H4, 45511 is a very important resistance level to break
A failure to do it would put the focus on the current uptrend line support
which has already been tested once early this morning and triggered a doji (bullish very short term signal) resulting
an attempt to breakout the 45511 level above mentioned, which failed !
Interesting to note that the 38.2% Fib ret @ 44050 hold which also coincides with the level of the
uptrend support line...
A failure to stay and hold above the uptrend support line would put the focus on the 50% Fib ret @ 42806, which iss
also currently the bottom of the clouds support zone.
Finally watch M15 and M15 in order to validate or invalidate the expected scenario above mentioned.
Have a good trading day.
All the best
Ironman8848
