Slobodan Drvenica
Windsor Brokers
Repeated rejections at daily Ichimoku cloud top at $1343, shaped in triple long-legged Dojis, resulted in sharp acceleration lower. Long red candle was left yesterday, marking the biggest daily fall in nearly one month. Weakness extended today to fresh one-week low at $1322 that marks between 50% and 61.8% retracement of $1306/$1343 rally and increases downside pressure.
Daily MA’s are establishing in bearish setup, Slow Stochastic reversed from overbought zone and showing room for further bearish extension.
Broken Kijun-sen line at 1327 is now reverted to initial resistance, ahead of Monday’s low at $1332.
The price still hesitates to clearly break cracked Tenkan-sen line at 1324, with close below here, needed to signal bearish extension towards $1320 (Fibo 61.8% of $1306/$1343 rally), loss of which will confirm bearish stance and open $1315 (Fibo 76.4%) and $1312 (base of thick daily cloud).
Res: 1327; 1332; 1339; 1341
Sup: 1322; 1320; 1315; 1312
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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