A) Market facing resistance at 16030-15904 area B) Fallen out of uptrend channel | | Lower High C) Rotation between 16030 - 15511 D) Weakening upward momentum on W / D timeframe
Possible Scenarios: 1) Rotation strategy: Trade at boundary 16030 | 15904 and 15511 (grey zone 390 - 500pts range). Target can be 50% of range or trail to rotation boundary.
Price Reaction Levels Short on Test and reject | Long on Test and Accept
16646 16030 15511 15118 *Longer term: 13350 needs to be supported for long trend to be intact.
Price/Volume/Trend Analysis: Weekly: Narrowing spread ave vol up bar = weakening momentum Daily: Lower vol up bar close off high = minor weakness *NTC = Non-Trend Changing | PTC: Potential Trend Changing
Like and follow if you find this useful | *For education purpose only. Have a profitable trading week.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.