Hi Everyone,
I will start todays analysis on the 4 hour time frame where we can see a bearish channel that had been formed over the last few weeks. We are now at the top of the channel again after the monthly lows of 11677 which was also the bottom of the channel. This area we are at the moment 12532 is a very strong resistance area which has been tested many times. The question is will this channel finally break pushing prices back the monthly highs of 13550. If this channel is respected and the area 12532 is too then price can push back down to monthly lows of 11677.
iv drawn the key support and resistance areas that we will need broken for prices to move. Key areas are very important as price will always play around these areas. breaking these areas will mean new key level can be reached.
Bears: 12205- 11677
Bulls: 12845- 12532
Will keep you guys updated through the day as it plays out.
I will start todays analysis on the 4 hour time frame where we can see a bearish channel that had been formed over the last few weeks. We are now at the top of the channel again after the monthly lows of 11677 which was also the bottom of the channel. This area we are at the moment 12532 is a very strong resistance area which has been tested many times. The question is will this channel finally break pushing prices back the monthly highs of 13550. If this channel is respected and the area 12532 is too then price can push back down to monthly lows of 11677.
iv drawn the key support and resistance areas that we will need broken for prices to move. Key areas are very important as price will always play around these areas. breaking these areas will mean new key level can be reached.
Bears: 12205- 11677
Bulls: 12845- 12532
Will keep you guys updated through the day as it plays out.
