Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- The 4H chart shows the market again testing the 82.00, 61.8% retracement support for the third time in recent weeks.
- The market cracked it but was supported at 81.90.
- The market is ranging, and is testing support, so the bias is bullish.
- However, the 82.25 level is providing resistance.
- If this is broken, the near-term conservative target is 82.60 and the next is 83.12. If these resistance areas are cleared, the 84.50 resistance area is the next target.
- On the downside, a break below 81.90, 81.50 area provides triangle pattern support as can be seen in the daily chart. The 81.50 area is also 78.6% retracement level, so downside risk exposure should not be much lower than that for a bullish outlook.
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Fan Yang CMT