Since past analysis is about to end, the time has come for a new one. So far, everything is going according to plan. But intraday consolidations do not provide a clear understanding of the movement. Work within the day turns into work from one consolidation to another. There is no significant local trend. But it is clear that the global trend is downward. The levels are the same as in the past, but with one new.
First, let's look at the levels:
9450 - is the support level that was tested three times, so this is a strong level, but you can’t be 100% sure of it, since it was broken and then acted as resistance for a couple of days. But, if buyers can break through it and fix above, then it will provide good support.
8730 - is a fairly strong level of resistance that sellers want to break through and only after breaking through will everyone begin to pay attention to it. But if the price can go below it and fixes below it, then it will signal a flat in the blue lower zone (7880 - 8800).
8440 - the local level of resistance, but there is a chance to pushing up from him. Most likely it will be visible by volume.
7880 - local support level . Why local? Because it works on consolidation from 09.26.2019 to 10.20.2019 and it was broken by a powerful impulse. At this level, you definitely need to pay attention, since there is a chance to test it again.
7400 - a global level of support, respectively, a very strong level. He had a strong buyer, after which there was a strong impulse from this level, because of which he can rightly be called a strong one. It must be clearly remembered!
Indicators:
Locally, the MAs show a bullish trend as they are directed up. MA 28 is located below, which confirms this. MAs over the graph and the price will tend to them. According to the CCI, you can see that it is unloaded, but so far it is at the level of -100, which positively affects the price increase. CCI also forms a double bottom. This is the first hint of growth.
What to expect?
Since the price is closer to the global level of 8730 than to 7400, now it is worth waiting for consolidation above it. In order for there to be an effect from the level (the price must break through this level, fix it above it and go a bit higher to about 8800).
Ideally, see this for 2 days. After which the price will fall to 8400. If buyers can lower the price below 8400, they will continue to consolidate in the lower blue zone (between 8400 and 7880). In the blue lower zone there will be high liquidity and large volumes, that is, we should expect an impulse in two directions.
If by a miracle it turns out that price will fixed above the level of 8730 and does not fall, then consolidation will continue. But for this there must be an impulse up, which will knock out the shorts and remove the walls from there.
First, let's look at the levels:
9450 - is the support level that was tested three times, so this is a strong level, but you can’t be 100% sure of it, since it was broken and then acted as resistance for a couple of days. But, if buyers can break through it and fix above, then it will provide good support.
8730 - is a fairly strong level of resistance that sellers want to break through and only after breaking through will everyone begin to pay attention to it. But if the price can go below it and fixes below it, then it will signal a flat in the blue lower zone (7880 - 8800).
8440 - the local level of resistance, but there is a chance to pushing up from him. Most likely it will be visible by volume.
7880 - local support level . Why local? Because it works on consolidation from 09.26.2019 to 10.20.2019 and it was broken by a powerful impulse. At this level, you definitely need to pay attention, since there is a chance to test it again.
7400 - a global level of support, respectively, a very strong level. He had a strong buyer, after which there was a strong impulse from this level, because of which he can rightly be called a strong one. It must be clearly remembered!
Indicators:
Locally, the MAs show a bullish trend as they are directed up. MA 28 is located below, which confirms this. MAs over the graph and the price will tend to them. According to the CCI, you can see that it is unloaded, but so far it is at the level of -100, which positively affects the price increase. CCI also forms a double bottom. This is the first hint of growth.
What to expect?
Since the price is closer to the global level of 8730 than to 7400, now it is worth waiting for consolidation above it. In order for there to be an effect from the level (the price must break through this level, fix it above it and go a bit higher to about 8800).
Ideally, see this for 2 days. After which the price will fall to 8400. If buyers can lower the price below 8400, they will continue to consolidate in the lower blue zone (between 8400 and 7880). In the blue lower zone there will be high liquidity and large volumes, that is, we should expect an impulse in two directions.
If by a miracle it turns out that price will fixed above the level of 8730 and does not fall, then consolidation will continue. But for this there must be an impulse up, which will knock out the shorts and remove the walls from there.
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