Yesterday saw a strong close below the 50 day moving average, the monthly pivot line, and the low of the previous day. This also confirmed a break of the recent trend line. All bearish signals.
The next hope for the bulls is that the 50% fibonacci level holds at around 12650, and we see a reversal from here.
We are seeing an upturn in the stochastics, which would support any potential reversal that may form over the next few days.
If this level breaks we could see a move to the 38.2% fib level at around 10965, and then the big round number of 10000.
The next hope for the bulls is that the 50% fibonacci level holds at around 12650, and we see a reversal from here.
We are seeing an upturn in the stochastics, which would support any potential reversal that may form over the next few days.
If this level breaks we could see a move to the 38.2% fib level at around 10965, and then the big round number of 10000.
Comment:
Looks like that 50 fib level is holding for now...
