On your left:
Long term trend is in a downtrend channel. Beginning of the year, a rebound appears but it seems now that this is close to be over. Last week candle closed below trend line.
On your right:
You can see that a pullback failed to get back in the Mid Term uptrend and things headed south again. Market opened in red again this monday making new lower low.
We can also add that the daily ichimoku is perfectly bearish oriented.
What can invalidate this scenario, is the Channel Mid-Line (CML) which plays a good role as support/resistance. For now, price is still over the CML. any drop under $3 will be a total BEAR ZONE mess targeting channel bottom line around $2.7 (-10%).
However, any entry now is quite safe, choose your stop loss according to your trading style. Possibilities are many. I'll end with a warning: beware of the 17th september FOMC meeting. That could be a very volatile moment but outcome shoud be bearish for commodities. Written the 15th september.
Long term trend is in a downtrend channel. Beginning of the year, a rebound appears but it seems now that this is close to be over. Last week candle closed below trend line.
On your right:
You can see that a pullback failed to get back in the Mid Term uptrend and things headed south again. Market opened in red again this monday making new lower low.
We can also add that the daily ichimoku is perfectly bearish oriented.
What can invalidate this scenario, is the Channel Mid-Line (CML) which plays a good role as support/resistance. For now, price is still over the CML. any drop under $3 will be a total BEAR ZONE mess targeting channel bottom line around $2.7 (-10%).
However, any entry now is quite safe, choose your stop loss according to your trading style. Possibilities are many. I'll end with a warning: beware of the 17th september FOMC meeting. That could be a very volatile moment but outcome shoud be bearish for commodities. Written the 15th september.