Well, we are getting close to the $8.400 Pivot Line. We have had this Pivot Line play a role for 8 days as either a strong resistance or as weak support. The daily is showing a bearish Bias, but also it is showing some good possibility of a Support at the Pivot. NOTHING TO BE EXCITED ABOUT. Since we have not a single piece of confirmation this is the end of the bearish momentum. So if you are out waiting to get in. Let's wait for a good confirmation of the reversal. No pattern in the smaller timeframes can provide sufficient evidence of a bounce back to the bullish side. So it is a waiting game, Again, yes again.
For all of you crazy enough to buy dips, this pivot could present an opportunity, but please read this words again. I AM NOT ADVISING TO DO THIS, just pointing out that this could be a good support and this is, in fact, a historic pivot point.
Only time will tell. Let's give it a couple of days to see if by the end of this week we get some bullish momentum going that could take us out of this levels.
Until then.
Just take it easy.
Cheers and Wise trading.
CS
For all of you crazy enough to buy dips, this pivot could present an opportunity, but please read this words again. I AM NOT ADVISING TO DO THIS, just pointing out that this could be a good support and this is, in fact, a historic pivot point.
Only time will tell. Let's give it a couple of days to see if by the end of this week we get some bullish momentum going that could take us out of this levels.
Until then.
Just take it easy.
Cheers and Wise trading.
CS