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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% retracement of the previous rally at 10365, we currently reside at the support level of 10795
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
pricer poked thru the support level just to snap back into the range, but failed to
make any progress to teh reistance level of 11123
Conclusion:
as we trade at a support level one should look out for signs of strenght in order to participate in a long move
either a higher low , or a breakout to the upside plus retracement.
at a break to the downside or any failure to takeout the resistance level at 11123 may reveal a short opportunity
support:
10900
10365
10000
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% retracement of the previous rally at 10365, we currently reside at the support level of 10795
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
pricer poked thru the support level just to snap back into the range, but failed to
make any progress to teh reistance level of 11123
Conclusion:
as we trade at a support level one should look out for signs of strenght in order to participate in a long move
either a higher low , or a breakout to the upside plus retracement.
at a break to the downside or any failure to takeout the resistance level at 11123 may reveal a short opportunity
support:
10900
10365
10000
resistance:
11123
11250
11826