D1 : Global picture in this time frame is still showing a broad bearish channel. LEADING INDICATOR REMAINING THE MID BOLLINGER BAND ! Indeed, as confirmed, in this chart, the only closing above MBB, seen a couple of days ago, failed to be confirmed as the following candle triggered a BEARISH ENGULFING PATTERN with a closing level, far away of MBB. Yesterday's price action posted a low of 46294 (coinciding roughly with the H4 clouds support zone which for the time being worked perfectly well in rejecting several successive breakout attempts (see my H4 analysis) View remains the same, broad ongoing bearish price action is still in place and in order to nedutralise such kind of move, we need to see on a Daily closing basis : 1) A recovery above and hold the Mid Bollinger Band @ 50119 2) A recovery and hold above the Kijun-Sen (Base Line) @ 50687 3) An upside breakout and hold above the current downtrend channel ONLY THOSE 3 CONDITIONS WILL FORCE TO A VIEW REASSESSMENT OF THE EXPECTED CONTINUATION OF THIS BEARISH SCENARIO AND UNTIL IT OCCURS RECENT AND CURRENT PRICE ACTION SHOULD ONLY BE SEEN AS A CORRECTIVE MOVE IN A BROAD BEAR TREND
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.