After a recent impulse buy last Monday, all gains since then has been erased in the same week, resulting in a fake-out as the price continues to fall.
In the weekly timeframe, a bearish engulfing was formed thus signaling for a bearish reversal.
We also note that the most recent rising channel has also been broken which added more fuel to the selling sentiment.
Therefore, we can continue to look for selling opportunity this week and we are expecting a significant drop towards the demand zone that was created from a breakout of a previous 5-month falling channel.
However, do take note that we have Fed Fund Rate happening this week and the current trend may be overturned if there's a strong fundamental change.
In the weekly timeframe, a bearish engulfing was formed thus signaling for a bearish reversal.
We also note that the most recent rising channel has also been broken which added more fuel to the selling sentiment.
Therefore, we can continue to look for selling opportunity this week and we are expecting a significant drop towards the demand zone that was created from a breakout of a previous 5-month falling channel.
However, do take note that we have Fed Fund Rate happening this week and the current trend may be overturned if there's a strong fundamental change.