We are still ranging in this orange downtrend channel but still within the larger purple channel. We broke out of the uptrend that price was following since March, so where we go from here is yet determined. If the purple channel is broken to the downside, I believe we'll see some selling pressure, if we hold, I believe we can work our way above 4200.
Price has been holding 4145-4150 since Friday the 14th and price has tested it multiple times since then, making it weaker each time we tough. If 4140 fails and we close blow, 4128-4122 is my target.
I wouldn't be interested in any longs on a bounce, as the risk to reward isn't there while we are still within the orange downtrading channel. I would try longs off of 4122-4128 bounces and I would try shorts off of 4150.
Price has been holding 4145-4150 since Friday the 14th and price has tested it multiple times since then, making it weaker each time we tough. If 4140 fails and we close blow, 4128-4122 is my target.
I wouldn't be interested in any longs on a bounce, as the risk to reward isn't there while we are still within the orange downtrading channel. I would try longs off of 4122-4128 bounces and I would try shorts off of 4150.