AU200 has made the top of 7650 and recently retest it, making double top pattern.
Double Top usually considered as a bearish sign and the said instrument shift its trend from bullish to bearish.
Currently AU200 is likely to be in distribution phase and its base support lie on 7130. If this horizontal level is taken out, bears will be active in it and the market will finds its next support on 6900.
To make the analysis more conclusive, the said instrument has already broken the bullish parallel channel support and testing the horizontal level.
Trade your levels accordinly.
Double Top usually considered as a bearish sign and the said instrument shift its trend from bullish to bearish.
Currently AU200 is likely to be in distribution phase and its base support lie on 7130. If this horizontal level is taken out, bears will be active in it and the market will finds its next support on 6900.
To make the analysis more conclusive, the said instrument has already broken the bullish parallel channel support and testing the horizontal level.
Trade your levels accordinly.
