When analysing this chart on the higher time frame, it is evident we’ve had an impulse move down from mid September and had quite the correction. So I believe further downside may be about to occur.
After a huge drop before close on friday, we have broken and closed below the trend on the daily. Considering this it would make sense to see some further downside movement. Nonetheless, I would like to see a slight pull back to this move and for price to use the lower channel trend line as resistance before moving down.
Shorts will only be taken only if price breaks the 55.00 level.
After a huge drop before close on friday, we have broken and closed below the trend on the daily. Considering this it would make sense to see some further downside movement. Nonetheless, I would like to see a slight pull back to this move and for price to use the lower channel trend line as resistance before moving down.
Shorts will only be taken only if price breaks the 55.00 level.