As for the 4 hours, the last candle close did show supply effort bringing it to 214, from which I could expect more testing of it and nice buy opportunities there. But a move back upside 224 on signs of strength would also give nice buy opportunities to take. I would aim at 235 for started as a more secure take profit area, and at 300 if there's a break upside the zone on again, signs of maintained strength.
A break under 214 on heavy supply would make me look for short scalping opportunities to 200-185, and then again looking for buys around these zone, especially that it did show being a resilient support area in the past.
Monthly
Demand being slow since did retest 102. showing supply absorption on the month of May & June.
Which is a result of the demand that was already weakened approaching 300, an area that could become a interesting sell zone.
Weekly
Been showing nice supply absorption at the 117. area using it as support from May to July. For after in middle May making a HH upside 160. testing the area on presence of demand maintaining power and some supply absorption for the last week close of the month. And then making a HH upside 200 on considering buying interest, showing demand still being in power even if seeing weakening on monthly time frame.
Daily
Been showing powered demand volume on yesterday daily close, which could give really other good buy entries at the retest of 214 on light supply, without even going back to 200.
A break under 214 on heavy supply would make me look for short scalping opportunities to 200-185, and then again looking for buys around these zone, especially that it did show being a resilient support area in the past.
Monthly
Demand being slow since did retest 102. showing supply absorption on the month of May & June.
Which is a result of the demand that was already weakened approaching 300, an area that could become a interesting sell zone.
Weekly
Been showing nice supply absorption at the 117. area using it as support from May to July. For after in middle May making a HH upside 160. testing the area on presence of demand maintaining power and some supply absorption for the last week close of the month. And then making a HH upside 200 on considering buying interest, showing demand still being in power even if seeing weakening on monthly time frame.
Daily
Been showing powered demand volume on yesterday daily close, which could give really other good buy entries at the retest of 214 on light supply, without even going back to 200.
Note
A break under 214 on heavy supply would make me look for short scalping opportunities to 200-185, and then again looking for buys around these zone, especially that it did show being a resilient support area in the past.
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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.