In this chart I combine the MA's, Support and resistance levels, Fib. levels, Patterns, Volume and RSI. Its clear to see that we just trade the Fib. levels from swing high to swing low combined with the descending trendline resistance. We broke down of the 100ma D but have now reclaimed it as support. We are still in the consolidation pattern but with volume declining and a RSI breakout TA is telling us buyers are getting stronger.
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Short term
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Update went short this morning after it looking weak
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Three possible scenarios here,
1. 100MA acts as support again and we go back to 10.6-10.8
2. We are in a broadening wedge and find support around 10.130 but then 100MA might act as resistance
3. We break down and go lower to 9500/21EMA W
1. 100MA acts as support again and we go back to 10.6-10.8
2. We are in a broadening wedge and find support around 10.130 but then 100MA might act as resistance
3. We break down and go lower to 9500/21EMA W
Commentaire: