In the near term the painting of a symetrical triangle is in the cards. Then expect a rebound from the support line of the tiangle in the10300 area (EMA 50) up to hit resistance in 12500 area. After upper rejection it will dive to test support of the triangle to finally break out downwards around 25 % from the apex of the triangle.
If the scenario plays out as expected we could see a drop to the 8600 area where the EMA 200 and support line of the bearish channel could act as support.
Comments appreciated - happy trading :)
If the scenario plays out as expected we could see a drop to the 8600 area where the EMA 200 and support line of the bearish channel could act as support.
Comments appreciated - happy trading :)