The selloff has been fairly steep in this index as we now trading below the descending channel. We are very oversold here, so let's look for a re-entry back into the channel and see if we can hit channel resistance before we get another consolidating sell-off.
Here's the weekly snapshot:
We can see we are close to the EMA200 and will probably need to retest resistance before we break below it.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
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Back in the channel! Very nice.
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OK! At resistance and consolidating now. We should not trade below 96ish.