Friends
Moving into an area of interesting price action. Keep on eye on this one for a movement breakout. The obvious logic of this, is that it's a short, but don't be too sure. There's a lot going on at the moment and it is worth waiting for an outcome where we can see legitimate selling pressure.
NOTE: Despite not being labelled on the chart, we have heavy MA convergence, signalling consolidation, but more importantly.. After MA convergence we would expect to see a strong price move in the direction it goes.
NOTE 2: I am only looking for shorts off this level, I'm probably not interested in longs from here, unless we see significant bullish action. Which seems doubtful..
Best of luck
Tom
Moving into an area of interesting price action. Keep on eye on this one for a movement breakout. The obvious logic of this, is that it's a short, but don't be too sure. There's a lot going on at the moment and it is worth waiting for an outcome where we can see legitimate selling pressure.
NOTE: Despite not being labelled on the chart, we have heavy MA convergence, signalling consolidation, but more importantly.. After MA convergence we would expect to see a strong price move in the direction it goes.
NOTE 2: I am only looking for shorts off this level, I'm probably not interested in longs from here, unless we see significant bullish action. Which seems doubtful..
Best of luck
Tom