With weakness shown by Supply>Demand and followed by a UT,
market will likely head lower should intermediate support 34220 becomes
resistance, then we should look to short on retracement.
Play scenarios:
1) Rotational play between 34220 - 35330
2) Breakdown of 34220 and this becomes resistance, market may
test 33433 and 32200 region.
3) Test of breakout area 33433 and supported = long opportunity.
Price reaction levels
Short on Test and Reject | Long on Test and Accept
36446 35750 35330
34945 34367 34220
33427 32492 32167
Weekly: UT bar followed by down bar = weakness confirmed.
Daily: Average vol up bar closing off high = weakness
H4: UHV up bar closing off high followed by down bar = weakness
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Have a profitable week ahead.
