As many traders expected, the shoulder of the inverse head and shoulder is forming. In the weekly TF, a morning sun candlestick pattern is also forming. However, price is resisted at the mid of BB. Thus, there could be more price consolidation there.
In the daily TF, price bounced from the target consolidation area and is above the mid of BB. I suspect price may continue up to touch the upper BB and this may be an opportunity to short for short term profit.
In the monthly TF, price is also resisted by the mid of BB and is below the ichimoku cloud. Any bounce is considered a dead cat bounce.
Daily support/resistance on 15th Aug: 44.48, 44.05
Weekly support/resistance from 15th - 19th Aug: 42.94, 44.11
Monthly support/resistance for Aug: 42.57, 44.96, 42.69, 45.3
In the monthly TF, price is also resisted by the mid of BB and is below the ichimoku cloud. Any bounce is considered a dead cat bounce.
Daily support/resistance on 15th Aug: 44.48, 44.05
Weekly support/resistance from 15th - 19th Aug: 42.94, 44.11
Monthly support/resistance for Aug: 42.57, 44.96, 42.69, 45.3
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