Price currently in a possible accumulation phase. It seems like we have a common low on this instrument. Do the Bulls have the strength to break the accumulation phase and beat the down sloping trendline? we will look at lower timeframes to take a microscopic view and read momentum using pure price action. Change in polarity is when support change to resistance and resistance change to support once violated.
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The bulls was just not strong enough to beat the sloping down trendline. Price is trading in the sideways trend that started March 2023. I will keep this on my watchlist for the moment.
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It seem like the bears are eyeing low levels reached in March and Jun 2020