HSI 25/7-29/7 weekly plan
HSI1!Failure to take out previous VAH led to sell-off down to level near the single prints created on Monday.
Week ahead, pivot would be 20868
Since the huge excess 21192-21600 has not been untested, the sentiment for upcoming week favours bears and remains sell-the-rally mode until aggressive buyers take out that excess, which I doubt. FOMC may be the catalyst.
20626-20560 would be a significant area for buyers to defend, or found a bottom.
Yellow area under 20626-20560 is definitely an area that likely to see responsive buyers jump in, which is necessary for bulls to reverse downtrend. If bulls buy this dip, they need to establish acceptance above that LVN around 20500 for continuation. If bulls fail, the previous week excess will be next support.
Indicators: https://www.tradingview.com/u/spacemanbtc/
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.