From the daily perspective, price is moving inside the parallel channel, and expect it moving to the new structure, which is weekly resistance and pushes to the downside from the weekly resistance.
From the COT perspective, hedge funds are closing both long and short positions in the latest week, but overall the market still remains bullish, because when closing long, the market is supposed to go down, but it still going up. This implied they want to push the price to the higher and sell at a higher price.
It is best for us to monitor the 4h price action inside the weekly resistance area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward. Or the price may break below the daily bear flag, and we will be waiting for a retest on the bear flag before going for short.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge funds are closing both long and short positions in the latest week, but overall the market still remains bullish, because when closing long, the market is supposed to go down, but it still going up. This implied they want to push the price to the higher and sell at a higher price.
It is best for us to monitor the 4h price action inside the weekly resistance area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward. Or the price may break below the daily bear flag, and we will be waiting for a retest on the bear flag before going for short.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.