I have been observing this broadening top for many days. The big boys were try to scare as many bears as possible and provide false hope to the bulls by extending the rally.
Yesterday 1 hr chart already showing head and shoulder pattern. Once it reaches the neckline, all hell broke loose! And down it goes.
Weekly support/resistance for 20th-24th Jun: 2.635, 2.596
Monthly support/resistance for Jun: 2.235, 2.26, 2.128, 2.204
Yesterday 1 hr chart already showing head and shoulder pattern. Once it reaches the neckline, all hell broke loose! And down it goes.
Daily candle already showing evening star.
All the above is a good confirmation it is going down more. With contract expiry in 5 days, it is now obvious it is a bull exodus!
Fundamentally, the weather starting to cool a bit. This adds selling pressure too!
Patience bears would be rewarded, though timing is very very important! Do take note this is just a correction. I do think a retracement is needed for the bull trend to continue.
Today is inventory day. I do think it will be pump and dump if it is a neutral to slightly bullish report.
Daily support/resistance on 23rd Jun: 2.77, 2.703
Pivot: 2.7, 2.693
--> Holding below all above price would confirm the bearish trend for today.
Weekly support/resistance for 20th-24th Jun: 2.635, 2.596
Monthly support/resistance for Jun: 2.235, 2.26, 2.128, 2.204
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