Context:
the resistance level at 12250 held and the lower high was the beginning of an increased selling pressure
which brought us down to the support level of 11340 , where price reacted but the induced rally attempt failed
at the 50% retrace level of 11730 , which is a sign of weakness, the key level here is the support level 11340
as this level is also near the 50% mark of the last rally attempt (27-5-15) which failed at 14520 , which in conclusion
was the first sign of weakness , and with the whole "Grexit" in the background + the recent price behaviour any break
of that support will bring us back to test the levels of 10500 > 10000 > 09000 > 08500
on the other hand should that support level hold , we may stay contained with the range of 11340 and 12250
till there is a significtant change in supply and demand.
Signs of strength:
none
Signs Of weakness:
rejection of resistance
selling pressure
rejection of 50% retracement
Support:
11340
10500
10000
Resistance:
11730
12250
12700
www.invezted.com
the resistance level at 12250 held and the lower high was the beginning of an increased selling pressure
which brought us down to the support level of 11340 , where price reacted but the induced rally attempt failed
at the 50% retrace level of 11730 , which is a sign of weakness, the key level here is the support level 11340
as this level is also near the 50% mark of the last rally attempt (27-5-15) which failed at 14520 , which in conclusion
was the first sign of weakness , and with the whole "Grexit" in the background + the recent price behaviour any break
of that support will bring us back to test the levels of 10500 > 10000 > 09000 > 08500
on the other hand should that support level hold , we may stay contained with the range of 11340 and 12250
till there is a significtant change in supply and demand.
Signs of strength:
none
Signs Of weakness:
rejection of resistance
selling pressure
rejection of 50% retracement
Support:
11340
10500
10000
Resistance:
11730
12250
12700
www.invezted.com
