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Context:
after topping out at 12400 we are in a decline contained within a down channel
Location:
price formed a range with support at 10795ish and resistance beeing 11820ish just shy
of the 50% retracement of the previous rally at 10365, we currently reside at the support level of 10795
Price Action:
after a drop near the resistance level of 11820ish which resulted in a lower high we
formed another minor range between support 10905ish and resistance 11123ish
Price broke the support level and is currently on a decline towards the lows at 10660
Conclusion:
a minor intraday play towards the lows at 10660 on the short side could be played
however it is best to wait either for a retest of the broken support level at 10900
if one is looking for a short , and on the longside one should wait till 10365
support:
10660
10580
10365
resistance:
10905
11000
11120
Context:
after topping out at 12400 we are in a decline contained within a down channel
Location:
price formed a range with support at 10795ish and resistance beeing 11820ish just shy
of the 50% retracement of the previous rally at 10365, we currently reside at the support level of 10795
Price Action:
after a drop near the resistance level of 11820ish which resulted in a lower high we
formed another minor range between support 10905ish and resistance 11123ish
Price broke the support level and is currently on a decline towards the lows at 10660
Conclusion:
a minor intraday play towards the lows at 10660 on the short side could be played
however it is best to wait either for a retest of the broken support level at 10900
if one is looking for a short , and on the longside one should wait till 10365
support:
10660
10580
10365
resistance:
10905
11000
11120