Context:
after the selloff price found support at 11340 and a rally ensued but it got rejected at the 50% retracement level
of 11730 the supplyline still holds aswell which is a sign of weakness per se, at best if price still holds support at or above the level of 11340 there is a chance for a range between resistance 11730 and support at 11340 , but that is as bulllish as it can get at the moment. remember the "Grexit" announcement will have its toll aswell. and if we see a buying into "weakness" will tell another story ;), till then shorts are favoured.
Trading Opportunities:
Long:
reversal off the 50% level of 11520
Reversal off the support at 11340
Short:
Retracement off the 50% mark/Supplyline at 11730
Breakdown of support + pullback at 11340
Signs of strength:
support at 11340 holds
Signs Of weakness:
downtrend
rejection of 50% retracement
Support:
11520
11340
10900
Resistance:
11730
12000
12250
www.invezted.com
after the selloff price found support at 11340 and a rally ensued but it got rejected at the 50% retracement level
of 11730 the supplyline still holds aswell which is a sign of weakness per se, at best if price still holds support at or above the level of 11340 there is a chance for a range between resistance 11730 and support at 11340 , but that is as bulllish as it can get at the moment. remember the "Grexit" announcement will have its toll aswell. and if we see a buying into "weakness" will tell another story ;), till then shorts are favoured.
Trading Opportunities:
Long:
reversal off the 50% level of 11520
Reversal off the support at 11340
Short:
Retracement off the 50% mark/Supplyline at 11730
Breakdown of support + pullback at 11340
Signs of strength:
support at 11340 holds
Signs Of weakness:
downtrend
rejection of 50% retracement
Support:
11520
11340
10900
Resistance:
11730
12000
12250
www.invezted.com
