We've experienced some turbulence or in other words.... resistance with price since it's been on the down-slop since January 5th 2024.
Price seemly wants to break that down trended cycle by picking up momentum and making a new structure to the upside. It's tested the 2035.80 area/zone earlier today (Jan 08 2024) around approximately 11:00am EST during the course of New York session and by the looks of how price has regained momentum. It looks like it's making it's way back to the same area..
*** KEY ANALYSIS ***
-- If momentum hold's the way it is holding right now (despite slow asian session volume) I will want to see our first confirmation on the candle break and close above our zone and the latest high for the day at 2036.87.
-- Once the candle closes above that area i am aiming for my traditional 120 ($1.20) move to the upside going longs on buys with stops on candle closes anywhere below our zone at 2032.99.
Price seemly wants to break that down trended cycle by picking up momentum and making a new structure to the upside. It's tested the 2035.80 area/zone earlier today (Jan 08 2024) around approximately 11:00am EST during the course of New York session and by the looks of how price has regained momentum. It looks like it's making it's way back to the same area..
*** KEY ANALYSIS ***
-- If momentum hold's the way it is holding right now (despite slow asian session volume) I will want to see our first confirmation on the candle break and close above our zone and the latest high for the day at 2036.87.
-- Once the candle closes above that area i am aiming for my traditional 120 ($1.20) move to the upside going longs on buys with stops on candle closes anywhere below our zone at 2032.99.
