Tuesday’s rebound from the rising trend line failed to materialize into a break above immediate resistance of 7055 (Oct 14 high).
The decline to 7018 levels seen as I write forces me to consider whether the bulls are exhausted and would gather steam only after a meaningful correction has happened.
A daily close today below 7000 levels would open doors for re-test and a possible break below rising trend line support which by Monday would have shifted higher to around 6980. A daily close below the trend line on Monday could yield a drop to 7000.
The decline to 7018 levels seen as I write forces me to consider whether the bulls are exhausted and would gather steam only after a meaningful correction has happened.
A daily close today below 7000 levels would open doors for re-test and a possible break below rising trend line support which by Monday would have shifted higher to around 6980. A daily close below the trend line on Monday could yield a drop to 7000.
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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.