On the daily timeframe, price tested a resistance level twice. The first time was in mid-July, which resulted in a strong bearish reaction.
The second time price tested the resistance was last and current week. There was barely any reaction, which leads me to believe sellers do not see this as an overbought area.
On the hourly timeframe, price did pull back slightly after crossing above the daily level. However, this is not a clear false breakout since price crossed above the intraday high rather quickly.
The second time price tested the resistance was last and current week. There was barely any reaction, which leads me to believe sellers do not see this as an overbought area.
On the hourly timeframe, price did pull back slightly after crossing above the daily level. However, this is not a clear false breakout since price crossed above the intraday high rather quickly.
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Disclaimer
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.