As you see in the 4H time frame, price was bouncing on the ascending trend line in a bullish trend, but it has broken the trend line to the downside and has closed bearish candles below the line.
Currently, price has approached the yellow support level at 160.00 which is a round number and is pushing to the upside after touching it.
If price pulls back to the trend line for a retest, and then gets rejected from it, in the case of a downside breakout on the yellow support level and bearish candle closure below this level, I expect a drop on GJ around 156.800 which is the next major low.
Currently, price has approached the yellow support level at 160.00 which is a round number and is pushing to the upside after touching it.
If price pulls back to the trend line for a retest, and then gets rejected from it, in the case of a downside breakout on the yellow support level and bearish candle closure below this level, I expect a drop on GJ around 156.800 which is the next major low.
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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.