Daily chart: The upper Bollinger band is just above a critical level (123.72) to keep up with bearish structure of the chart. We are waiting aggression from sellers to confirm a general determination to the bottom Bollinger band (121.44)
Í4: upper band is on 124.27 – also a strong resistance, but movement to this area will change configuration anyway.
Í1: From visual point of view, bulls are exerting pressure. Therefore, we have received equally probable scenarios .
Expectations: 1) If the level 123.72 is still untouched, we are waiting for a new decline. 2) If the point 123.72 is broken, we are waiting for movement to 124.27
1) Bears are selling with Stops orders established above 123.72, bulls shall buy expecting a breakthrough of 123.72 to 124.27Publication source