As you see in the 4H time frame, GJ has been moving in an uptrend for a long time and is still bullish.
Currently, price is pushing to the downside and has made a lower high. It is also approaching to the yellow support level.
Since we still don’t know if price is retracing or reversing, we should wait for a breakout on the support or resistance level first:
Because price is facing a bearish pressure at this moment, there is a probability of a downside breakout. So, If price breaks the yellow support zone around 166.800 and closes a bearish candle below this area, I expect a drop towards the next low around 164.800
On the other hand, if price gets rejected from the support level and pushed to the upside, in the case of an upside breakout on the resistance level at 168.320 and a bullish 4H candle closure above this level, I expect a rise around 170.00
Currently, price is pushing to the downside and has made a lower high. It is also approaching to the yellow support level.
Since we still don’t know if price is retracing or reversing, we should wait for a breakout on the support or resistance level first:
Because price is facing a bearish pressure at this moment, there is a probability of a downside breakout. So, If price breaks the yellow support zone around 166.800 and closes a bearish candle below this area, I expect a drop towards the next low around 164.800
On the other hand, if price gets rejected from the support level and pushed to the upside, in the case of an upside breakout on the resistance level at 168.320 and a bullish 4H candle closure above this level, I expect a rise around 170.00
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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.