One more try from bulls? Better push it! Resistance is strong!

One more try from bulls? Better push it! Resistance is strong!

Hello fellow traders!

So, here a quick and straight-to-the-point analysis of current grounds.

Chart says it all. There is a strong, and just incremented, resistance above.
No wonder so much sideways around this level.

Yet, Bulls seem likely try one more time breaking it, with the start of this day. They better do a good job, for real… These are the strongest resistances on the Daily chart , and so, overcoming them shall be hard, specially since they are clustered. However, it would also be a major achievement if successful.

If rejection comes, it will probably make price break the underlaying uptrend line, suggesting a longer correction. Probably, then, we can see support around pink and light blue MA’s level (7500-600).

Think well how you are going to play this.
As for me, I’m just watching. No hurries.

As usual: these are not trading calls. Please do your own research and decision making before entering or exiting a trade.

Trade wisely. Lose little. Stay in the game.

PhinkTrade.

Published at Tue, 14 Jan 2020 00:41:31 +0000

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