Good morning, today, we are going to look at the daily picture.
Indeed, as already mentioned in my previous analysis, we can see a triangle pattern in progress
with breakout levels, respectively at, currently :
On the upside : 43’835 (intraday high)
On the downside : 40’931
A clear breakout, on a daily closing of one of those levels would trigger a +/- move of 5’586, targeting
On the upside : 49’421
On the downside : 35’345
mmediate level to look at very closely is @ 42’870 ( TS ) !
A failure to hold and stay above that area would trigger further selling pressure calling for a retest of the
former support zone 41’500/40’500 which is also the trigger level of the triangle pattern breakout !!!
On the upside. next significant level to look at is at 41’000 (potential upside triangle breakout) ahead of primary downtrend lineresistance which also coincides with MBB (currently @ 44’543
Globally, no change in my view, we are still in a broad bearish strategic structure and recent and current price action should only be seen as a corrective move and not as a trend reversal yet. !!!
SELL ON RALLY !
Only a sustainable move above 45’500 (former D1 support trend line ) and a daily closing level above this area,would force me to a view reassessment of my bearish expected scenariocalling for lower levels towards the triangle target @ 35’345.
As usual, do not forget to monitor closely intraday time frames in starting from H4, H1 and shorter to catch early signal (s) such as divergences which will allow you to act accordingly.
I reiterate again my warning in telling you that each tactical countertrend exposure should be protected with a tight trailing stop loss ! Please do not forget to do it.
Do you like my analysis, so do not forget 1) to like it and 2) to add me on your following list !
Many thanks in advance. 🙂
Have a great day and all the best.
All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied.