Decline and bounce at 7280
For today I am looking at resistance at 7385 where we have the Hull moving average on the 2 hour chart. This is looking decidedly bearish now after that drop yesterday, though has in fact been showing a bearish trend since Tuesday - hence my constant repeat of "sell the rallies" this week. Like a broken record! Above this resistance level then 7442 is the top of the 10 day Raff but with the current backdrop it might struggle to reach that level (it might struggle to reach 7385 today too!).
So, as its still bearish, that leads me onto the next level I am looking at which is support at 7279 - this is showing as fairly key as daily, weekly and monthly support. If the bears break then 7100 is pretty possible in fairly short order. The bottom of the 10 day Raff for today is 7270, and the 20 day is slightly below that at 7265. With the bounce from the 7305 low, we are just above the bottom of the 2 Bianca channels for today, support from them at 7327 and 7338. Could well be a dead cat bounce though.
So, as its still bearish, that leads me onto the next level I am looking at which is support at 7279 - this is showing as fairly key as daily, weekly and monthly support. If the bears break then 7100 is pretty possible in fairly short order. The bottom of the 10 day Raff for today is 7270, and the 20 day is slightly below that at 7265. With the bounce from the 7305 low, we are just above the bottom of the 2 Bianca channels for today, support from them at 7327 and 7338. Could well be a dead cat bounce though.
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