D1 : Global picture in this time frame is still showing a broad bearish channel.
LEADING INDICATOR REMAINING THE MID BOLLINGER BAND !
Indeed, as confirmed, in this chart, the only closing above MBB, seen a couple
of days ago, failed to be confirmed as the following candle triggered a BEARISH
ENGULFING PATTERN with a closing level, far away of MBB.
Yesterday's price action posted a low of 46294 (coinciding roughly with the H4 clouds
support zone which for the time being worked perfectly well in rejecting several successive breakout
attempts (see my H4 analysis)
View remains the same, broad ongoing bearish price action is still in place and in order to nedutralise
such kind of move, we need to see on a Daily closing basis :
1) A recovery above and hold the Mid Bollinger Band @ 50119
2) A recovery and hold above the Kijun-Sen (Base Line) @ 50687
3) An upside breakout and hold above the current downtrend channel
ONLY THOSE 3 CONDITIONS WILL FORCE TO A VIEW REASSESSMENT OF THE EXPECTED CONTINUATION OF
THIS BEARISH SCENARIO AND UNTIL IT OCCURS RECENT AND CURRENT PRICE ACTION SHOULD ONLY BE SEEN
AS A CORRECTIVE MOVE IN A BROAD BEAR TREND
LEADING INDICATOR REMAINING THE MID BOLLINGER BAND !
Indeed, as confirmed, in this chart, the only closing above MBB, seen a couple
of days ago, failed to be confirmed as the following candle triggered a BEARISH
ENGULFING PATTERN with a closing level, far away of MBB.
Yesterday's price action posted a low of 46294 (coinciding roughly with the H4 clouds
support zone which for the time being worked perfectly well in rejecting several successive breakout
attempts (see my H4 analysis)
View remains the same, broad ongoing bearish price action is still in place and in order to nedutralise
such kind of move, we need to see on a Daily closing basis :
1) A recovery above and hold the Mid Bollinger Band @ 50119
2) A recovery and hold above the Kijun-Sen (Base Line) @ 50687
3) An upside breakout and hold above the current downtrend channel
ONLY THOSE 3 CONDITIONS WILL FORCE TO A VIEW REASSESSMENT OF THE EXPECTED CONTINUATION OF
THIS BEARISH SCENARIO AND UNTIL IT OCCURS RECENT AND CURRENT PRICE ACTION SHOULD ONLY BE SEEN
AS A CORRECTIVE MOVE IN A BROAD BEAR TREND
