M1 : Long term picture is still showing an ongoing uptrend channel ; nevertheless, first signs of
a potential reversal is in progress (black candle in progress, which should, of course, be confirmed
on a monthly closing basis at the end of September.
W1 : The ongoing weekly candle is also in the progress to confirm the last 2 candles (black too !); a first support
15’209 has been reached, with the next significant support 14’658 (Mid Bollinger Band ) ahead of 14’242 ( KS ).
A failure to hold above the latter level would trigger a downside acceleration, calling for a move towards the clouds
support area , currently around 12’800-13’000)
Watch 15’209 on a weekly closing basis, bullish above and bearish below
D1 : Kijun-Sen on this time frame is in the progress to be broken (should be confirmed by today’s closing level) !
First significant support level on this time frame is @ 14’900 (top of the clouds) ahead of 14’300 (bottom of the clouds).
As for W1, 15’209 should also be seen as the Key pivot level for further development.
A failure to recover and hold above this level would put further selling pressure over the coming sessions.
H4 : Well below the clouds with a lagging line below the clouds too.
Looks like furter downside is coming
30 m /15 m : Same comment than for H1
A SWITCH OCCURED FROM A BULL TREND TO A NEW BEAR TREND !
WATCH NEW DAILY DOWNTREND RESISTANCE LINE (currently around 15’500 AS THE BAROMETER FOR FURTHER DEVELOPMENT
All the best and take care
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