Daily price action has been held within an upward channel for several weeks now. The blue horizontal lines represent key support and resistance
levels that have been tested numerous times, both inside and outside (not shown) of the channel. The green box represents a key region to enter a trade, however, which direction has not yet become clear. The 8, 20, and 50 period moving averages on the Daily chart
are moving downward, in order ( bearish
). Price action is also sitting on the lower boundary of the channel. Price action might turn around at this point, however, given the bearish
EMAs and the fact that price action broke below the lower channel boundary twice last week (Friday and Wednesday - but did not close below the channel boundary) suggests there may be some bearish
sentiment. My bias is to enter short on a shorter time frame if a strong bearish
signal arises. The 0.382 and 0.618 Fib retrace levels from the most recent leg up on the Daily chart
(2016-05-02 to 2017-05-05) are indicated to guide take profit levels.
This is not trading advice.