Top of the weekly clouds currently under attack, following the last week’s failure to recover and close above the Mid Bollinger Band (4’491) which should now be seen as the first significant level to break on a weekly closing level.
Indeed, such kind of recovery price action would add some hope for a retest of former highs above 4’800.
FaIlure to do it would put the focus on the middle level of the weekly clouds, around 4’250 which match with the ongoing uptrend support line which started @ 4’101.75 on Feb 22nd.
Interesting to note that the former lows also match roughly with the bottom of the weekly clouds and therefore should be seen as a VERY IMPORTANT SUPPORT LEVEL FOR FURTHER DEVELOPMENT (Potential triple bottom or downside continuation towards the 3’800 area, being the 38,2 % Fibonacci retracement of the big rally (2’174-4’808)
Ongoing downtrend, in the middle of the daily clouds, 50% Fib ret of the 4’104 – 4’632 recent rally , below the Mid Bollinger Band , the Tenkan-Sen and currently below the Kijun-Sen too.
Levels to watch on the DAILY time frames are the following :
UPSIDE. : 4’455 – 4’493
DOWNSIDE : 4’310 – 4’300
RSI , below 50, @ 42.85, converging to the downside.
Expectation is for a downside continuation move towards the former low with tactical short term tactical countertrend which should be used as better level to go short.
Only a sustainable move and a daily closing above 4’500 would neutralise, at least temporary, this ongoing downside move !!!
4 HOURS (H4)
RSI moving sideways, currently @ 35.29
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Ironman8848. & Jean-Pierre Burki
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