This market is range-bound and might not be wise to trade. However, we can make much use of the support and resistance theory since price has already broken the 1920 previous resistance-turned support level and is probably heading towards the major 2160 psychological price level. Remember that there is a psychological aspect to round numbers especially when trading support and resistance levels. The major support level for this chart is at 1560 and prices seem to reject each time they approach this zone.
With that being said, I would only consider shorts (sells) around the 2160 resistance level and longs (buys) around the 1560 support level.
With that being said, I would only consider shorts (sells) around the 2160 resistance level and longs (buys) around the 1560 support level.