Long time fellows. Not a ton has changed tho. So here goes...
We had the initial breakdown from our pattern (purple triangle).
I've had my ideal support range for weeks now down at $7400-7750 and we now have 3 touches into the top of that range where buyers have stepping in and started to accumulate. These have also all given 8-10% bounces off each accumulation. While this is nice to see the support zone I had outlined holding, be cautious as well. As we continue to test, re-test, re-test, re-test, etc this support zone, eventually the bulls buying and accumulating run out of buying power. We eventually need to see the bulls make their final buys and start to shift the trend back up with some higher lows and higher highs. I'm watching this $8500-8600 area for resistance and then bottom of our initial triangle for resistance. Let's see if bulls are playing the accumulation game with each dip into our support zone or do the bears eventually provide too much pressure and cause a crash down through the support zone. Thus far bulls holding strong but I do not want to see too many further re-tests of the zone without bulls then giving a strong push and pattern change with some bullish momentum.
Just My 2 Sats!
We had the initial breakdown from our pattern (purple triangle).
I've had my ideal support range for weeks now down at $7400-7750 and we now have 3 touches into the top of that range where buyers have stepping in and started to accumulate. These have also all given 8-10% bounces off each accumulation. While this is nice to see the support zone I had outlined holding, be cautious as well. As we continue to test, re-test, re-test, re-test, etc this support zone, eventually the bulls buying and accumulating run out of buying power. We eventually need to see the bulls make their final buys and start to shift the trend back up with some higher lows and higher highs. I'm watching this $8500-8600 area for resistance and then bottom of our initial triangle for resistance. Let's see if bulls are playing the accumulation game with each dip into our support zone or do the bears eventually provide too much pressure and cause a crash down through the support zone. Thus far bulls holding strong but I do not want to see too many further re-tests of the zone without bulls then giving a strong push and pattern change with some bullish momentum.
Just My 2 Sats!
