We saw a double top at 19.4k with a 15-16% rejection shortly after. We are now watching a rising wedge play out on the one hour - approaching VPVR resistance inside the pattern. I think we may see a rejection here - with the MacD crossing lower, as well as a potential double top on the RSI forming. This could lead to a check of the lower trend line, somewhere around 17,850. If we break lower I am looking for support to hold at 17,200. If we break higher, 18,700 and then ATH look to be the next resistances to watch out for.
I am still on the sideline for now.
I am still on the sideline for now.
Comment:
Broke through the VPVR with high volume and retested the ATH area again as predicted. We are now seeing a recheck of the same area approx 18,300-18,700. Bulls need to hold here and push higher. If they cant do so in the near future, I expect a check back down to 17,200 or lower.