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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% retarcement of the previous rally at 10365, we currently reside at the support level
Price Action:
after a drop near the resistance level of 11820ish which resulted in alower high we
formed another minor range between support 10905ish and resistance 11123ish
Conclusion:
Intradaywise one should take a look at the minor range and wait till price trades at eitherside ,
OTOH a breakout or down can be used as an entry for a continuation in the breakout direction.
swing and or position traders should wait till price trades at the extremes
of at least the daily TF range res.11820ish sup.10795ish
support:
10905
10795
10365
resistance:
11123
11250
11826
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% retarcement of the previous rally at 10365, we currently reside at the support level
Price Action:
after a drop near the resistance level of 11820ish which resulted in alower high we
formed another minor range between support 10905ish and resistance 11123ish
Conclusion:
Intradaywise one should take a look at the minor range and wait till price trades at eitherside ,
OTOH a breakout or down can be used as an entry for a continuation in the breakout direction.
swing and or position traders should wait till price trades at the extremes
of at least the daily TF range res.11820ish sup.10795ish
support:
10905
10795
10365
resistance:
11123
11250
11826