Price is retesting the bottom of the Cloud today after putting in a nice Hammer candle two days ago
on the daily chart.
The previous 30 min candle was about $370 which is the biggest 30 min candle to the upside since the
bottom on Feb 6. This may indicate that larger buyers are stepping in and that we may actully see a
bottom forming right at the Cloud support/Weekly S2 and SMA200 confluence zone. Bulls would like
to see a close above 8791 today for a bullish engulfing and even better a close above yesterdays high
and the Monthly pivot point. This would mean a close around the S/R level 9500. Only a close below
the Cloud and the Hammer low at 8366 may induce more downside pressure as of now.
on the daily chart.
The previous 30 min candle was about $370 which is the biggest 30 min candle to the upside since the
bottom on Feb 6. This may indicate that larger buyers are stepping in and that we may actully see a
bottom forming right at the Cloud support/Weekly S2 and SMA200 confluence zone. Bulls would like
to see a close above 8791 today for a bullish engulfing and even better a close above yesterdays high
and the Monthly pivot point. This would mean a close around the S/R level 9500. Only a close below
the Cloud and the Hammer low at 8366 may induce more downside pressure as of now.
