MONTHLY: Last month closed as a doji which suggested indecision between buyers and sellers in the market. This month went to highs of 1295.00 before rejecting off a key area of resistance with price currently making its way down.
WEEKLY: An evening star looks as though it is forming, which is a strong sign of a reversal in the works. Last week tested the key area of resistance before closing as a spinning top.
DAILY: 7 days ago we had a shooting star, swiftly followed by a bearish engulfing bar 2 days later, yesterday a hanging man was formed, all pointing towards a down move, lower highs and lows are also being formed. There has been a loss of momentum from the bulls for the last 10 days with price consolidating unable to form higher highs. The MA's are also pointing downwards suggesting a down move.
4HR: We can see a clearer picture of the higher highs and lows being formed, along with MA's crossing to the downside. A three pin pattern was completed in the last candle, along with a shooting star being formed 2 candles ago. Rejected off the 61.8% fib level.
WEEKLY: An evening star looks as though it is forming, which is a strong sign of a reversal in the works. Last week tested the key area of resistance before closing as a spinning top.
DAILY: 7 days ago we had a shooting star, swiftly followed by a bearish engulfing bar 2 days later, yesterday a hanging man was formed, all pointing towards a down move, lower highs and lows are also being formed. There has been a loss of momentum from the bulls for the last 10 days with price consolidating unable to form higher highs. The MA's are also pointing downwards suggesting a down move.
4HR: We can see a clearer picture of the higher highs and lows being formed, along with MA's crossing to the downside. A three pin pattern was completed in the last candle, along with a shooting star being formed 2 candles ago. Rejected off the 61.8% fib level.