M1 : Currently holding above the Kijun Support level (34'372)
W1 : Below the KEY PIVOT LEVEL @ 43'380
D 1 : Yesterday's failure to manage a recovery, on a daily closing basis, above the former support trend
line, triggered a new selling wave pressure
H4 : First target @ 37'400 reached with a low so far @ 37'224
H1 : Short term level to watch at are :
38'207 on the upside
37'224 on the downside
Interesting to note that the Mid Bollinger Band is currently @ 38'204 !
A clear breakout of this resistance area would put the focus again towards the 39'000 area which is also, by the
way the bottom of the clouds resistance zone in this H1 time frame
On the other side , a failure to hold above the former low of 37'224 would directly put the focus on 36'183 (50% Fib ret and
also roughly the bottom of the clouds support zone in H4)
M30 : Sideways price action
M15: Same than M30
M5 : Above the clouds and also, currently in a sideways price action.
CONCLUSION :
LOOKING AT THE H4 TIME FRAME, ONLY A CLEAR SUSTAINABLE MOVE ABOVE 39'500/39640 (FORMER HIGH) WOULD TEMPORARILY NEUTRALISE
THE ONGOING BEARISH MOOD !
Have a nice trading day
All the best and take care
Ironman8848
W1 : Below the KEY PIVOT LEVEL @ 43'380
D 1 : Yesterday's failure to manage a recovery, on a daily closing basis, above the former support trend
line, triggered a new selling wave pressure
H4 : First target @ 37'400 reached with a low so far @ 37'224
H1 : Short term level to watch at are :
38'207 on the upside
37'224 on the downside
Interesting to note that the Mid Bollinger Band is currently @ 38'204 !
A clear breakout of this resistance area would put the focus again towards the 39'000 area which is also, by the
way the bottom of the clouds resistance zone in this H1 time frame
On the other side , a failure to hold above the former low of 37'224 would directly put the focus on 36'183 (50% Fib ret and
also roughly the bottom of the clouds support zone in H4)
M30 : Sideways price action
M15: Same than M30
M5 : Above the clouds and also, currently in a sideways price action.
CONCLUSION :
LOOKING AT THE H4 TIME FRAME, ONLY A CLEAR SUSTAINABLE MOVE ABOVE 39'500/39640 (FORMER HIGH) WOULD TEMPORARILY NEUTRALISE
THE ONGOING BEARISH MOOD !
Have a nice trading day
All the best and take care
Ironman8848
