Today, we are going to look at the daily time frame and especially at the yesterday's price action which has been very interesting.
Indeed, KS (32'960) worked, once again perfectly well as the important resistance level to break coupled with
the failure, to also breakout on the upside the MBB (32'822).
In addition, the downtrend channel is still intact.
Therefore, today's closing will be very important and closing levels to watch at are the following :
ON THE UPSIDE : 32'960. (KS)
ON THE DOWNSIDE : 31237 (TS)
A sustainable move either above 32'960 or below 31'237 would open the door for the following targets :
ON THE UPSIDE :
BOTTOM OF THE CLOUDS AROUND 33'700 (IMPORTANT TO NOTE THE THICKNESS OF THE CLOUDS WHICH ARE CURRENTLY VERY THICK WHICH MEANS
VERY DIFFICULT TO BREAK ON THE UPSIDE !!!
ON THE DOWNSIDE :
FOCUS WILL BE AGAIN ON THE FORMER LOWS (BELOW 30'000) WHICH ALSO COINCIDES WITH THE BOTTOM SUPPORT LINE OF THE ONGOING DOWNTREND CHANNEL.
CONCLUSION .
DOWNTREND STILL INTACT, RECOVERY WENT SLIGHTLY HIGHER THAN EXPECTED, WHICH PROVIDED BETTER SELLING OPPORTUNITY CALLING FOR MY STRATEGIC
TARGET OF 27'169
Indeed, KS (32'960) worked, once again perfectly well as the important resistance level to break coupled with
the failure, to also breakout on the upside the MBB (32'822).
In addition, the downtrend channel is still intact.
Therefore, today's closing will be very important and closing levels to watch at are the following :
ON THE UPSIDE : 32'960. (KS)
ON THE DOWNSIDE : 31237 (TS)
A sustainable move either above 32'960 or below 31'237 would open the door for the following targets :
ON THE UPSIDE :
BOTTOM OF THE CLOUDS AROUND 33'700 (IMPORTANT TO NOTE THE THICKNESS OF THE CLOUDS WHICH ARE CURRENTLY VERY THICK WHICH MEANS
VERY DIFFICULT TO BREAK ON THE UPSIDE !!!
ON THE DOWNSIDE :
FOCUS WILL BE AGAIN ON THE FORMER LOWS (BELOW 30'000) WHICH ALSO COINCIDES WITH THE BOTTOM SUPPORT LINE OF THE ONGOING DOWNTREND CHANNEL.
CONCLUSION .
DOWNTREND STILL INTACT, RECOVERY WENT SLIGHTLY HIGHER THAN EXPECTED, WHICH PROVIDED BETTER SELLING OPPORTUNITY CALLING FOR MY STRATEGIC
TARGET OF 27'169
