Price has dropped off sharply during the day and has almost
reached the Monthly pivot point at 9375 which is also previous
low and the 61,8 fib that's been tested before as support.
Price is currently back inside the descending channel, but we
have to wait for a close to see it confirmed. Either way, even with a
close below it, the important thing is if price can find support by
the lower Cloud if it reaches that level, Currently it is in alignment
with the SMA 200 around 9000. We might see a move down from
here to clear the Monthly pp but Bulls would like a close above the
Kijun Sen (white equilibrium line) and preferrably above 10 000
mark which would be above the channel. What may be adding to
the downside is the MACD cross coming, which also has a sharp
angle. But with the projected Cloud turning bullish (twisting)
it will add support by the lower Cloud. Let's see how the day
close and if we have another red candle tomorrow to test the
lower Cloud. Buyers should step in around these levels or
slightly lower (8800-9000). A close below the Cloud will
ofcourse shift focus to the downside as it would shift the
trend from neutral to bearish again.
reached the Monthly pivot point at 9375 which is also previous
low and the 61,8 fib that's been tested before as support.
Price is currently back inside the descending channel, but we
have to wait for a close to see it confirmed. Either way, even with a
close below it, the important thing is if price can find support by
the lower Cloud if it reaches that level, Currently it is in alignment
with the SMA 200 around 9000. We might see a move down from
here to clear the Monthly pp but Bulls would like a close above the
Kijun Sen (white equilibrium line) and preferrably above 10 000
mark which would be above the channel. What may be adding to
the downside is the MACD cross coming, which also has a sharp
angle. But with the projected Cloud turning bullish (twisting)
it will add support by the lower Cloud. Let's see how the day
close and if we have another red candle tomorrow to test the
lower Cloud. Buyers should step in around these levels or
slightly lower (8800-9000). A close below the Cloud will
ofcourse shift focus to the downside as it would shift the
trend from neutral to bearish again.
