Price has broken out of it's recent consolidation zone to the down side (indicating a possible trend reversal) and has retested previous support (now resistance) providing a good trading opportunity pending Monday's opening price.
Reasoning
- Break out and retest of consolidation zone (new lower low)
- Price has put in a little cluster of long wick candles (indicating buyers have been met with some resistance from sellers)
- 38.2 & 50% fib confluence
- Engulfing bear candle
Reasoning
- Break out and retest of consolidation zone (new lower low)
- Price has put in a little cluster of long wick candles (indicating buyers have been met with some resistance from sellers)
- 38.2 & 50% fib confluence
- Engulfing bear candle