Despite some bullish signs on intraday charts it is the daily timeframe
that is the governing one, as we see a continuation down after the retest
of the broken Cloud. There has been some bullish pressure as seen on the
MACD indicator but currently price follows suit and moves down. The Hammer
from Jan 17 is still valid but will be erased if price moves below 9222 level.
Just below that stands the pivot confluence support at 9000. If its taken out
we are looking at the S/R zone just below 8000 (red lines).
Bulls would like to see a close above the Monthly pivot point at 11450 for a start,
to relive downside pressure and ultimately a return inside the Cloud.
Overall trend is bearish and the breakout level has been retested and acted
resistance, so all is set for further downside. What mix up the picture is the
Hammer candle, which indicate a reversal point and taking out of the
14619 high from Jan 13.
that is the governing one, as we see a continuation down after the retest
of the broken Cloud. There has been some bullish pressure as seen on the
MACD indicator but currently price follows suit and moves down. The Hammer
from Jan 17 is still valid but will be erased if price moves below 9222 level.
Just below that stands the pivot confluence support at 9000. If its taken out
we are looking at the S/R zone just below 8000 (red lines).
Bulls would like to see a close above the Monthly pivot point at 11450 for a start,
to relive downside pressure and ultimately a return inside the Cloud.
Overall trend is bearish and the breakout level has been retested and acted
resistance, so all is set for further downside. What mix up the picture is the
Hammer candle, which indicate a reversal point and taking out of the
14619 high from Jan 13.
