Price has bounced off the Daily SMA200 and is now facing strong confluence resistance on the H4 chart.
Bulls would like to see price cut through this level and close above 220, which would be a good bullish
sign. Normally, price would pull back at this resistance on a first test before trying to breach it again.
If price fails to get back up after a pullback, we might see a move towards previous lows.
Support:
S/R @ 165
Weekly S2 @ 152
S/R /Weekly S3 @ 140
Monthly S1 @ 98
Resistance:
Weekly S1/ S/R / H4 Cloud @ 175
S/R /Weekly pp @ 185
S/R / Monthly pp/ Weekly R1/ Daily Trendline/
SMA200 (H4) Daily Cloud @ 200-220
Trend: Bearish (Ich)
Bullish signs: Daily SMA200 Support
Bulls would like to see price cut through this level and close above 220, which would be a good bullish
sign. Normally, price would pull back at this resistance on a first test before trying to breach it again.
If price fails to get back up after a pullback, we might see a move towards previous lows.
Support:
S/R @ 165
Weekly S2 @ 152
S/R /Weekly S3 @ 140
Monthly S1 @ 98
Resistance:
Weekly S1/ S/R / H4 Cloud @ 175
S/R /Weekly pp @ 185
S/R / Monthly pp/ Weekly R1/ Daily Trendline/
SMA200 (H4) Daily Cloud @ 200-220
Trend: Bearish (Ich)
Bullish signs: Daily SMA200 Support