On Jan 16 price broke lower and created a sell signal after
which it has returned and is now testing the breakout level
and the Cloud, on the back of a Hammer on Jan 17.
If price manages to close inside the Cloud , chances are we
will see a deeper move up, towards the Monthly and Weekly
pivot point cluster at 14250 and above that the upper
Cloud. Ultimately, a sharp move up will face the upper
channel resistance.
Conservative traders will always wait for a retest of the
breakout level, and right now, if we see price fail, they
will look for sell signals on lower timeframes to sell the pair.
Bulls are likely already long from the Hammer on Jan 17
and is hoping for a return inside the Cloud going forward.
Overall, price is in a bear trend on this timeframe but
chances are good that this is a retracement of the higher
timeframe bullish trend, as can be seen by the ascending
SMA200 which price also is trading above.
which it has returned and is now testing the breakout level
and the Cloud, on the back of a Hammer on Jan 17.
If price manages to close inside the Cloud , chances are we
will see a deeper move up, towards the Monthly and Weekly
pivot point cluster at 14250 and above that the upper
Cloud. Ultimately, a sharp move up will face the upper
channel resistance.
Conservative traders will always wait for a retest of the
breakout level, and right now, if we see price fail, they
will look for sell signals on lower timeframes to sell the pair.
Bulls are likely already long from the Hammer on Jan 17
and is hoping for a return inside the Cloud going forward.
Overall, price is in a bear trend on this timeframe but
chances are good that this is a retracement of the higher
timeframe bullish trend, as can be seen by the ascending
SMA200 which price also is trading above.
