Yesterday price signalled lower but came back up again
but overnight in Asia we saw price drop to as low as 13000
after which it has retraced somewhat.
Current strong resistance is at the Weekly pivot point around 14800.
Dec 24 low is at 12500. Since trend is bearish at the moment on this
timeframe, as price trades below the Cloud, we may see more downside.
If price breaks and closes above the Cloud, buyers may take control
but Bulls would like to see the latest top taken out, and a close above
the Weekly Pivot point and the 15000 level, for more upside conviction.
Overall, price is moving sideways with a bearish tendency. Ultimate
downside is expected to be around the D level marked here around
12150, if price continues lower. The red line marks support/resistance
on intraday.
watch on tradingview
https://www.tradingview.com/chart/hIdYFEPw/
