Possible selling opportunity from 1254.3...
Kicking this morning’s report off with a look at the weekly timeframe, we can see that price recently engulfed both the weekly demand base at 1251.7-1269.3 and its intersecting weekly channel support etched from the low 1122.8. Assuming that the bears remain in the driving seat here, the next weekly downside target to have on the radar is the support level coming in at 1214.4.
The daily candles also drove beneath the daily demand base drawn from 1251.7-1265.2 in recent trade, which, at current price, is close to being retested as a resistance area. Also of particular interest on this timeframe is the daily AB=CD 161.8% bullish completion point at 1238.9.
Bouncing across to the H4 timeframe, it is clear to see that the H4 candles caught a fresh bid just ahead of a H4 support level at 1243.6. Continued buying from this point could lead to a retest of the recently broken H4 Quasimodo line at 1254.3.
Direction:
• Long: Buying this market after such a dominant push below significant structure is chancy, as a lot of traders will be looking to sell this momentum on pullbacks.
• Short: A sell from the broken H4 Quasimodo line at 1254.3 is certainly an option today. This barrier carries weight due to its position on the higher timeframes: the underside of the broken weekly/daily demands at 1251.7.
Areas worthy of attention:
Supports: 1243.6; 1238.9; 1214.4.
Resistances: 1254.3; 1251.7-1265.2.
The daily candles also drove beneath the daily demand base drawn from 1251.7-1265.2 in recent trade, which, at current price, is close to being retested as a resistance area. Also of particular interest on this timeframe is the daily AB=CD 161.8% bullish completion point at 1238.9.
Bouncing across to the H4 timeframe, it is clear to see that the H4 candles caught a fresh bid just ahead of a H4 support level at 1243.6. Continued buying from this point could lead to a retest of the recently broken H4 Quasimodo line at 1254.3.
Direction:
• Long: Buying this market after such a dominant push below significant structure is chancy, as a lot of traders will be looking to sell this momentum on pullbacks.
• Short: A sell from the broken H4 Quasimodo line at 1254.3 is certainly an option today. This barrier carries weight due to its position on the higher timeframes: the underside of the broken weekly/daily demands at 1251.7.
Areas worthy of attention:
Supports: 1243.6; 1238.9; 1214.4.
Resistances: 1254.3; 1251.7-1265.2.
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