Short on confirmed failure to pass this level
Overbought, though this doesn't mean much does indicate and over extended price action ({RSI} see 4hr Chart).
Also, it is trading within a channel so you can expect it to retest the bottom of channels. Yet, a catalysts would have been in dire need for such to happen as: the bottom of channel is quite distant from these levels and would take probably a few weeks or more to materialize if such were to occur.
Finally, always wait for confirmations so nothing is wrong with waiting another day for a confirmed rejection and enter on break of structure only; don't just jump in because it's looking bearish that's how we lose money..
All the best to you.
regards, frugal trader
- Secondly let's talk about basic support and resistance, here as can be seeing we are also at critical levels. it's only evident for us to expect a pull back at these levels but as you should know, it doesn't work like that.
Also, it is trading within a channel so you can expect it to retest the bottom of channels. Yet, a catalysts would have been in dire need for such to happen as: the bottom of channel is quite distant from these levels and would take probably a few weeks or more to materialize if such were to occur.
Finally, always wait for confirmations so nothing is wrong with waiting another day for a confirmed rejection and enter on break of structure only; don't just jump in because it's looking bearish that's how we lose money..
All the best to you.
regards, frugal trader
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.