The price has come out of the regression channel and took a bearish path.
Considering the price pattern structure, it was expected the market to spend some time around important breakouts, this time it was about price sustainability over ATH, as we broke the previous high of 18600, it was expected the price behavior to become sideways, this is a usual phenomenon before important price action. It puts investors and traders in a conundrum that results in a lack of participation.
Then news of an interest rate hike of 0.35% changed the direction of the market.
Next support is at 18150-18250 range
Considering the price pattern structure, it was expected the market to spend some time around important breakouts, this time it was about price sustainability over ATH, as we broke the previous high of 18600, it was expected the price behavior to become sideways, this is a usual phenomenon before important price action. It puts investors and traders in a conundrum that results in a lack of participation.
Then news of an interest rate hike of 0.35% changed the direction of the market.
Next support is at 18150-18250 range