Bearish inventory report trigger downwards pressure. In the daily TF, Friday has a spinning top candle which indicate indecision probably due to long weekends. This could be bearish continuation or a reversal to move up.
In the 5hr TF, you can see that BB is downwards sloping which could mean price is downwards bias. It could spike up a bit before moving down.
Since Monday is US labour day, market is opened until 1 a.m. Movement is gona be slow. The next few days move should give enough clue for next few weeks direction.
Daily support/resistance on 5th Sept: 2.793, 2.798
Weekly support/resistance from 5th Sept - 9th Sept: 2.813, 2.857
Monthly support/resistance for Sept: 2.831, 2.733, 2.842, 2.765
In the monthly TF, price is above the mid of BB. July and August candles either showing bearish hanging man or bullish hammer. BB is narrowing and big price movement is capped at the moment pending for more catalyst news.
In the 5hr TF, you can see that BB is downwards sloping which could mean price is downwards bias. It could spike up a bit before moving down.
Daily support/resistance on 5th Sept: 2.793, 2.798
Weekly support/resistance from 5th Sept - 9th Sept: 2.813, 2.857
Monthly support/resistance for Sept: 2.831, 2.733, 2.842, 2.765
No comments:
Post a Comment