It's monday morning and looking at the hourly chart we can see how the uptrend was broken. However, the move down was short and stalled out quickly. We seem to have found a short term floor around the 11300 zone (Blue Zone) where we can see a few long wicks that we're bought up quickly. This area could act as a launchpad to break through the 12000 resistance we have been fighting. If the 11300-11200 zone is broken I would be short down to the 10500 zone where we find more support. This support would coincide with the .618 Fibonacci. This Fib level often acts as a retracement zone after a rally.
Let's have a good (profitable) week!!
Happy Trading!
Let's have a good (profitable) week!!
Happy Trading!
