Short term bullish; Long term bearish.
Last week was confusing when looking at the micro indications. Taking a step back and re checking my technicals.
Yellow target has not moved from the 3900 supply area for the last two weeks. This area is a major trend target based Daily May demand zone -- retested on June 27 to set Supply / Resistance. Weekly high trend line (teal), intersection with the red supply line from Daily and the small upward trend line (green). Further insights; Over the last two weeks we broke below the weekly trend line and re testing. If this holds we have minimal upside potential and should see consolidation forming over the next week as the makret fights over this zone.
Other support for short bull run has been the continue trend on the 1h, 4h, D MACD showing now divergence...yet. Begin to watch this week.
If we break above the weekly 3900 look for re test around 4082.
Current position Naked Short @ 4200 - got trapped on friday - erro not taking short gains. Holding.
Next play will likely be opening the other Naked Long south of 3300
Last week was confusing when looking at the micro indications. Taking a step back and re checking my technicals.
Yellow target has not moved from the 3900 supply area for the last two weeks. This area is a major trend target based Daily May demand zone -- retested on June 27 to set Supply / Resistance. Weekly high trend line (teal), intersection with the red supply line from Daily and the small upward trend line (green). Further insights; Over the last two weeks we broke below the weekly trend line and re testing. If this holds we have minimal upside potential and should see consolidation forming over the next week as the makret fights over this zone.
Other support for short bull run has been the continue trend on the 1h, 4h, D MACD showing now divergence...yet. Begin to watch this week.
If we break above the weekly 3900 look for re test around 4082.
Current position Naked Short @ 4200 - got trapped on friday - erro not taking short gains. Holding.
Next play will likely be opening the other Naked Long south of 3300
Trade closed: target reached
