Weekly shows price halting a bit after a massive fall which destroyed many people's wealth. RSI levels are oversold.
Daily gives an interesting picture where price, after breaking down off the 243 levels, tried to break it on the upside once which failed, and now it is again trying to take this level off. Yesterday (7th Nov), again it faced rejection of 243. A triangular pattern can be drawn here which can be a deciding factor. I personally feel there is more downside left looking at rejections and higher TF bearish momentum. A break down from the traingle can trigger a short with SL at 243 levels. If price breaks above comfortably from the triangle and takes off daily resistance of 243 with momentum, a reversal can be confirmed. We need to watch further.
Daily gives an interesting picture where price, after breaking down off the 243 levels, tried to break it on the upside once which failed, and now it is again trying to take this level off. Yesterday (7th Nov), again it faced rejection of 243. A triangular pattern can be drawn here which can be a deciding factor. I personally feel there is more downside left looking at rejections and higher TF bearish momentum. A break down from the traingle can trigger a short with SL at 243 levels. If price breaks above comfortably from the triangle and takes off daily resistance of 243 with momentum, a reversal can be confirmed. We need to watch further.
Comment:
Seeming reversal
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