Triangle Rejection

Not really too much of a surprise as the triangle is fairly large, but we have another confirmed rejection of resistance today. A short position against that trend line is merited here with a target of lower support again around 7200ish.

Commentaire:

Approaching critical trend line support today around the 7200-7400 area. So far a pretty aggressive down candle so not the best to see on the approach, but the triangle itself is still a pretty large range yet so it may need more time to resolve.

Regardless, see how it handles the support area and go from there.

Commentaire:

We are getting a slight breach of the trend line support off the triangle this weekend at 7200. Support has been rising along that trend line and now at about 7300. If we continue lower I'd watch the previous low at around 6400ish as to confirming the triangle is broken. Bit is testing an important area right now.