We have seen the key resistance zone of $75.00 hold with price falling down to $71.00 into the supporting daily trendline. Looking at the weekly timeframe currently if it finishes as a bearish lower low lower close candle we could expect the market to continue lower on this timeframe.
How would we look to get involved with this?
Well the market is sitting at an area of support so we should expect the market to hold here. We could from here expect the market to re-test the $75.00 level where we can look for a double top pattern to come into play.
Or
We could look for a break and close below the supporting trendline. This would be a good indication that the market wants to test lower prices.
How would we look to get involved with this?
Well the market is sitting at an area of support so we should expect the market to hold here. We could from here expect the market to re-test the $75.00 level where we can look for a double top pattern to come into play.
Or
We could look for a break and close below the supporting trendline. This would be a good indication that the market wants to test lower prices.