Despite last Wednesday’s sharp rally, the subsequent exhaustion near $1345 and a retreat to $1324 today suggests a temporary top has been made around $1345 and prices could be heading lower to $1309 (100-DMA).
Moreover, retreat from near $1345 has put in place a falling top formation inside a larger sideways channel.
On the higher side, only a daily close above $1350 (confluence of channel resistance and monthly pivot R1)
Moreover, retreat from near $1345 has put in place a falling top formation inside a larger sideways channel.
On the higher side, only a daily close above $1350 (confluence of channel resistance and monthly pivot R1)
