Good morning! Hope all is well!
We have seen the price action develop since last update so let's define the market structure a bit more.
The price action is currently trading inside the gray channel facing short term resistances of 8300, 8600, and 8800 whereas the supports lie at 7700, 7500, and 5500.
VMA is resting above near 8500, suggesting that the volatility remains in the favor of bears.
In order for the bulls to make a trend reversal, they need to reclaim 8600 level.
Until then, don't try to catch a falling knife and instead seek out selling opportunities!
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You can support me by leaving a like!
We have seen the price action develop since last update so let's define the market structure a bit more.
The price action is currently trading inside the gray channel facing short term resistances of 8300, 8600, and 8800 whereas the supports lie at 7700, 7500, and 5500.
VMA is resting above near 8500, suggesting that the volatility remains in the favor of bears.
In order for the bulls to make a trend reversal, they need to reclaim 8600 level.
Until then, don't try to catch a falling knife and instead seek out selling opportunities!
Do you enjoy my content?
You can support me by leaving a like!
