Hello Friends,
I have a few ideas here as you can see. I believe this is headed downward as indicated because of the bearish triangle. However, triangles can be tricky and so I have provided further information on what triangles can do.
This triangle can go in the opposite direction towards the big green box or we could see this price action range-bound. COT data does have more longs vs shorts in non-commercial hedge funds suggesting that we will see more upward action but I remain bearish from a technical perspective.
The only thing I can suggest is to monitor price action on the 4hr candle close. Is it going higher or lower, that will tell you which way the trend is headed, further confirm this with the retest of resistance/support, will give enough information for a valid entry.
For more information on hedge funds click here.
Cheers!
I have a few ideas here as you can see. I believe this is headed downward as indicated because of the bearish triangle. However, triangles can be tricky and so I have provided further information on what triangles can do.
This triangle can go in the opposite direction towards the big green box or we could see this price action range-bound. COT data does have more longs vs shorts in non-commercial hedge funds suggesting that we will see more upward action but I remain bearish from a technical perspective.
The only thing I can suggest is to monitor price action on the 4hr candle close. Is it going higher or lower, that will tell you which way the trend is headed, further confirm this with the retest of resistance/support, will give enough information for a valid entry.
For more information on hedge funds click here.
Cheers!
