WEEKLY (W1)
Last week price action did not managed to breakout the clouds on a weekly closing basis for the second time in a row and as a result a DOJI pattern took place which is confirming the indecision and uncertainty I mentioned in my previous analysis published yesterday (see related idea below).
The 38.2% Fibonacci retracement @ 46'721 (69'000. - 32'950) has been filled during last week with a peak as you know @ 48'234.
The failure to close above the clouds increased the risk for a downside move towards the Mid Bollinger Band, currently slightly below the 44'000 area, @ 43'929.
This level is roughly in the middle of the weekly clouds and a failure to hold above it would put the focus to the next important support level which is the TENKAN-SEN @ 41'279 ahead of the bottom of the clouds around the 38'000, area which hold very well in the last couple of weeks in rejecting, several times in a row, the attempting to breakout the weekly bottom clouds support area. (only one weekly closing below the clouds which has been very quickly invalidated by the next candle !)
On the UPSIDE, the top of the weekly clouds remains the first significant resistance area to break ahead the VERY IMPORTANT RESISTANCE (PIVOT LEVEL) @ 50'975 which is the KIJUN-SEN and which if broken would confirm a bottom in place and would open the door for higher levels towards the 55'000 area.
RSI, neutral @ 52.07 and LAGGING LINE currently testing the top of the weekly clouds...
DAILY (D1)
Still caught in a relatively narrow trading range moving in a sideways mode.
Continue to monitor and watch closely this daily price action which for the time being is oscillating around the daily TENKAN-SEN @ 46239.
A failure to hold and close above this level would be the first warning signal, calling for further downside towards the former downtrend line resistance (triangle)around 44'500. the daily Mid Bollinger Band being slightly below @ 44'270.
KEY SUPPORT AND PIVOT LEVEL ON A DAILY BASIS IS @ 42'900
RSI @ 60.71 and LAGGING LINE still in a sideways mode.
4 HOURS (H4)
Invalidation of the upside breakout of the H4 clouds seen yesterday triggered an EVENING STAR !
Currently still in the middle of the clouds but already below the former uptrend line support which is now around 46'500.
Watch on H4 closing basis the following levels :
UPSIDE : 46'750
DOWNSIDE : 45'500
1 HOUR (H1)
Watch the bottom level of the hourly clouds which is currently @ 45'700 which is the SUPPORT AREA IN H1 TIME FRAME.
On the upside, watch MBB @ 46'333 ahead the CLUSTER of TS and KS @ 46'616
Have a nice trading week and all the best
Take Care
IRONMAN8848 - Jean-Pierre Burki
www.tradingview.com/gopro/?share_your...
Last week price action did not managed to breakout the clouds on a weekly closing basis for the second time in a row and as a result a DOJI pattern took place which is confirming the indecision and uncertainty I mentioned in my previous analysis published yesterday (see related idea below).
The 38.2% Fibonacci retracement @ 46'721 (69'000. - 32'950) has been filled during last week with a peak as you know @ 48'234.
The failure to close above the clouds increased the risk for a downside move towards the Mid Bollinger Band, currently slightly below the 44'000 area, @ 43'929.
This level is roughly in the middle of the weekly clouds and a failure to hold above it would put the focus to the next important support level which is the TENKAN-SEN @ 41'279 ahead of the bottom of the clouds around the 38'000, area which hold very well in the last couple of weeks in rejecting, several times in a row, the attempting to breakout the weekly bottom clouds support area. (only one weekly closing below the clouds which has been very quickly invalidated by the next candle !)
On the UPSIDE, the top of the weekly clouds remains the first significant resistance area to break ahead the VERY IMPORTANT RESISTANCE (PIVOT LEVEL) @ 50'975 which is the KIJUN-SEN and which if broken would confirm a bottom in place and would open the door for higher levels towards the 55'000 area.
RSI, neutral @ 52.07 and LAGGING LINE currently testing the top of the weekly clouds...
DAILY (D1)
Still caught in a relatively narrow trading range moving in a sideways mode.
Continue to monitor and watch closely this daily price action which for the time being is oscillating around the daily TENKAN-SEN @ 46239.
A failure to hold and close above this level would be the first warning signal, calling for further downside towards the former downtrend line resistance (triangle)around 44'500. the daily Mid Bollinger Band being slightly below @ 44'270.
KEY SUPPORT AND PIVOT LEVEL ON A DAILY BASIS IS @ 42'900
RSI @ 60.71 and LAGGING LINE still in a sideways mode.
4 HOURS (H4)
Invalidation of the upside breakout of the H4 clouds seen yesterday triggered an EVENING STAR !
Currently still in the middle of the clouds but already below the former uptrend line support which is now around 46'500.
Watch on H4 closing basis the following levels :
UPSIDE : 46'750
DOWNSIDE : 45'500
1 HOUR (H1)
Watch the bottom level of the hourly clouds which is currently @ 45'700 which is the SUPPORT AREA IN H1 TIME FRAME.
On the upside, watch MBB @ 46'333 ahead the CLUSTER of TS and KS @ 46'616
Have a nice trading week and all the best
Take Care
IRONMAN8848 - Jean-Pierre Burki
www.tradingview.com/gopro/?share_your...
