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The two key levels I see in the short term as market resistance are 196.15 and 198.40. The 196.15 area is roughly the center of a contracting symmetrical triangle occurring on this 15 minute chart. The 198.40 level is a harmonic level for the completion of an upwards ABC pattern off last Thursday's low.
Price breaking last Thursday or Friday's low will likely be a bearish trigger I think.
A move above this morning's high, would very likely push price to test the harmonic zone at 198.40, I think.
I still favor the downside as the next significant move here. Last Wednesday's high is the clear stop point based upon the short term price logic and a classic bearish engulfing candlestick.
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