Bouncing off the upwards trending bottom of the channel on sunday/monday however velocity was low. There is a potential down-side channel forming Leading to support Level 1 (Yellow Channel), and current resistance short term seems to me just below the weekly pivot @ 7189. This could be another good entry for an R2 Breakout like what happend on the 10th. R2 sits this week at 10,500.
The charting also seems to show a similar yet smaller duplication of price action from the 7th threw the 10th (pre break out) On the tenth R3 was hit on a wick. This weeks R3 = 12,100.
Personally I do not see it likely that a run to R3 this week is a plausible case. Reasoning: The 1st trip to R3 on the 10th was VERY short lived with multiple wics encountering heavy resistance. R2 seems to have been met with candle bodies 5 times in that four day period. If this is an uptrend (Still needs to be confirmed) that resistance may become a new support level, which would be above the weekly pivot.
In addition a wedge is also being formed (Green Line A & Blue Line B) Traders love their wedges and we are on what appears to be the bottom of that wedge. It may be a decent bit of price action to play the wedge aswell.
If line A breaks significantly, this could go into a longer term down trend for consolidation at much lower levels. Green Line A is 100% critical.
As Always, this is NOT a forcast. I am NOT a professional, nor am I a market maker. This is simply my personal idea shared.
YOU TRADE at your own risk!
The charting also seems to show a similar yet smaller duplication of price action from the 7th threw the 10th (pre break out) On the tenth R3 was hit on a wick. This weeks R3 = 12,100.
Personally I do not see it likely that a run to R3 this week is a plausible case. Reasoning: The 1st trip to R3 on the 10th was VERY short lived with multiple wics encountering heavy resistance. R2 seems to have been met with candle bodies 5 times in that four day period. If this is an uptrend (Still needs to be confirmed) that resistance may become a new support level, which would be above the weekly pivot.
In addition a wedge is also being formed (Green Line A & Blue Line B) Traders love their wedges and we are on what appears to be the bottom of that wedge. It may be a decent bit of price action to play the wedge aswell.
If line A breaks significantly, this could go into a longer term down trend for consolidation at much lower levels. Green Line A is 100% critical.
As Always, this is NOT a forcast. I am NOT a professional, nor am I a market maker. This is simply my personal idea shared.
YOU TRADE at your own risk!