Preferred case:

Price is holding below the ascending trendline support turn resistance, showing a bearish momentum. Price is expected to push down to the 1st support level in line with the 61.8% Fibonacci extension and 50% Fibonacci retracement level. Our bearish bias is further supported by RSI indicator where the chart is seen to be approaching the resistance level and it is kept under the ascending trendline support turn resistance.

Alternative case:

Alternatively price might push up to 1st Resistance level in line with the 127.2 % Fibonacci extension.

Improve Your Trading

Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?

Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.