Sive Morten
Special Consultant to the FPA
- Messages
- 18,648
Morning everybody,
As we've said recently - context has changed as market was not able to realize good bullish setup. Now we have another bearish issue - price stands below broken lows without any attempt to show fast bounce or W&R. It makes us think that long-term bearish context is stepping in gradually, and on daily chart we should stay aside by far from any long positions. Next solid bounce supposedly could happen from 1.16 area:
On shorter-term chart another bearish reason - market shows no reaction on XOP. For intraday traders we have two areas where theoretically minor bounce could happen. If you consider scalp long positions - take a look at 1.18 and 1.1740 areas. But do not count on strong action, focus on just minimal 30% pullbacks as overall context stands bearish.
As we've said recently - context has changed as market was not able to realize good bullish setup. Now we have another bearish issue - price stands below broken lows without any attempt to show fast bounce or W&R. It makes us think that long-term bearish context is stepping in gradually, and on daily chart we should stay aside by far from any long positions. Next solid bounce supposedly could happen from 1.16 area:
On shorter-term chart another bearish reason - market shows no reaction on XOP. For intraday traders we have two areas where theoretically minor bounce could happen. If you consider scalp long positions - take a look at 1.18 and 1.1740 areas. But do not count on strong action, focus on just minimal 30% pullbacks as overall context stands bearish.