As i mentioned in this mornings' video, the 49.500 Resistance and neckline of the 'W' pattern (Green) on the smaller time-frames, is proving to be a challenge for the bulls. This has been a solid support/resistance area for qite some time now.
In addition we just broke down from this wedge (Orange) on the 1h and now we need to see if we are going to be able to find support before or when we get back to the channel (Pink) that has been a strong resistance for several weeks until we've broken out of it to the upside yesterday.
I'll keep you posted if anything significant happens.
Check my previous posts, most of them are still relevant and will give you a better idea about my analysis and targets.
Cheers and happy trading!
In addition we just broke down from this wedge (Orange) on the 1h and now we need to see if we are going to be able to find support before or when we get back to the channel (Pink) that has been a strong resistance for several weeks until we've broken out of it to the upside yesterday.
I'll keep you posted if anything significant happens.
Check my previous posts, most of them are still relevant and will give you a better idea about my analysis and targets.
Cheers and happy trading!
