The last several candles have had a small range and we have a dilemma here: several question for discussion.
Are we at support or resistance? This horizontal line that we are at is a daily line so it should be quite strong weather support or resistance. And remember S/R is a zone not a one line.
Also seen is a ascending triangle and although books say this is is meaning breakout to upside, in my experience I see 50/50 either direction.
The daily line is also the neckline of the head and shoulders off to the left. So if we use this then daily line is resistance since price come from below. In this case expect a drop.
And now we have a falling MACD and an upward wedge. This puts bias to down side
Overall I say more evidence for down move than up. We will find out!
Are we at support or resistance? This horizontal line that we are at is a daily line so it should be quite strong weather support or resistance. And remember S/R is a zone not a one line.
Also seen is a ascending triangle and although books say this is is meaning breakout to upside, in my experience I see 50/50 either direction.
The daily line is also the neckline of the head and shoulders off to the left. So if we use this then daily line is resistance since price come from below. In this case expect a drop.
And now we have a falling MACD and an upward wedge. This puts bias to down side
Overall I say more evidence for down move than up. We will find out!