Short term ; Support : 11750 & 11500 || Resistance : 12100 & 12300
Price action had a struggle to get back above 12000 price tag and it's seems a undecided trend for short term.
Possible if the price action forming a Diamond pattern on low time (below 1 day) frame coincide along the trend line 1 as the neck line for the pattern. if it's broken, i expect a reversal incoming for current trend movement.
If the diamond pattern break the upper neckline instead, i expect to be test the next previous high on 12300 area before it could decide a further bullish momentum and also invalidated this pattern.
Example diamond pattern :
Hidden bullish divergence is spotted on OBV and CMF. which way to go on 4 hour chart. see the blue bold line between price action (Higher low) and indicators (Lower low)
On 4 hour it seems contradicting with the pattern (diamond pattern on the bullish price action usually a bearish pattern) itself as the momentum start to shift into a bullish momentum and still on bullish area ( CMF, CCI and OBV) , the question is, how big it would be for the next bullish momentum. If it's smaller bullish momentum might be a good sign for upcoming reversal in near future and vice versa.
Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion, any relation between my posts toward any of your trading decision would be on your own consequence. please feel free to share what your thought on comment section.
peace.