Rejection at daily 200 MA (head). Rejection at 150 MA (30 Weekly) for second shoulder. Neck line Supply zone formed May 31st through June 8th.
A recent head and shoulder formation (red) looks set to usher in a down trend that coincides with the September effect. This could reverse in mid to late September, within the 3900-3950 demand zone from July 26th to form a second shoulder for an inverse H&S (green) that has been forming on a longer time frame, since April.
A recent head and shoulder formation (red) looks set to usher in a down trend that coincides with the September effect. This could reverse in mid to late September, within the 3900-3950 demand zone from July 26th to form a second shoulder for an inverse H&S (green) that has been forming on a longer time frame, since April.