Last week, price saw a strong pullback, in which pushed the price back to test the 50% support level of the channel trend. Despite that, price still rejected a move higher but instead headed even lower. Now price is testing the final support level of the bullish channel, which spans back to the first correction in February of this year. If the market rejects a breakout lower, look for a potential bullish reversal.
Trade Step-ups:
Bullish Reversal: Price rejects a move lower, look for a potential swing to the topside of the channel. Profit levels to look for are 2830.00 & 2930.00 respectively.
Bearish Breakout: Price breaks the channel trend, look for consolidation below 2670.00.
Trade Step-ups:
Bullish Reversal: Price rejects a move lower, look for a potential swing to the topside of the channel. Profit levels to look for are 2830.00 & 2930.00 respectively.
Bearish Breakout: Price breaks the channel trend, look for consolidation below 2670.00.