Consolidation before break out?
We are at a very crucial price level, we have been in a uptrend for awhile now, and now we are meeting resistance on a really important psychological key point as that level of resistance was a drop from 7 year high, thus if we get rejected we can expect a downtrend or a correction to the support level and if that is broken we can go around 3.82 level support, Thus I think we will go sideways and make a retest before going up and down, unless some bullish / bearish news comes out.
Trade the conformation and trend, as this is a key point anything can happen but if we let the market play out and set patterns thus we could determine the possbility, as we have low volume here which can be strongly rejected but we have enough volume to go sideways before break out.
Trade the conformation and trend, as this is a key point anything can happen but if we let the market play out and set patterns thus we could determine the possbility, as we have low volume here which can be strongly rejected but we have enough volume to go sideways before break out.
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