We are seeing an intraday reversal, price taking out
previous high @ 7431. M30 trendline broken and we
might see a move towards the 7800 level, after a
retest of the Cloud and the Daily pp/Monthly S1 @
7150-7250. Monthly S1 is critical on the higher timeframe
outlook, so if we see a close above this level today,
it should bring some relief for bulls, wether shortlived
or not. Ultimately Bulls would like to see price breach the
important 9200 level, to shake off more bears and try
to carve out a bottom. A return below the Monthly S1
and entering the Cloud, will likely add to sell pressure
again and target the Weekly S1 @ 6600
previous high @ 7431. M30 trendline broken and we
might see a move towards the 7800 level, after a
retest of the Cloud and the Daily pp/Monthly S1 @
7150-7250. Monthly S1 is critical on the higher timeframe
outlook, so if we see a close above this level today,
it should bring some relief for bulls, wether shortlived
or not. Ultimately Bulls would like to see price breach the
important 9200 level, to shake off more bears and try
to carve out a bottom. A return below the Monthly S1
and entering the Cloud, will likely add to sell pressure
again and target the Weekly S1 @ 6600
