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
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