Looks like there will be a cool off and a pull back over the next 8-12hrs or so. RSI 4 hour still in oversold, MACD momentum pointing down, 1 hr bearish on the STOCH, and MACD. I would expect the pull back to be in to the purple zone between 6660 and 6600(.382) order for the next bounce up to happen. If we test 6800 and get rejected again I would expect a larger pull back possibly to the 6500 area, but I believe eventually in the next two days we should break that 6800 resistence. There is some good consolidation happening in this area above the .236 level, so if we don't see the pull back and the levels cool off expect a retest or break of the 6800 level around the close of the daily candle.
Trade active
quick update something I just noticed that the 20(yellow)and 100(purple) are squeezing a bit. Least resisitance would dictate a break to the upside but as we know that doesn't necessarily happen as this could be a downside squeeze and then the retest or break of 6800
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.