Prices dropped sharply in the morning below support at 2631 before bouncing back towards the end of the day. This new low remains above the 2603 support level I mentioned a few weeks ago, which is the must-break level for bears. I assume we will continue to see prices counter-rally given how oversold the market is but the death cross should occur tomorrow and we could see rallies sold into by traders. Resistance is a 2746 and at 2760.
Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish trend being challenged
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking
No comments:
Post a Comment