Hi people, on the chart we see a Head & shoulders forming in the 4-hour time frame. I am not a really fan of that pattern but in the small term we have true signals for it.
We have a resistance above us now at 8200 witch could form the right shoulder from there, under us we see again the 7950 level as support, from that level we could have a bounce up to test the 8200 level again.
These hours are important now, when we have a reversal at the right shoulders we could move higher and look for the 8200 - 8400 level as potentially support/resistance level.
When we move above the 8400 range! This would be a bullish sign for me because it is the key resistance now.
If we cant hold the level at the right shoulder we could break to the downside to test the 7750 level.
Good luck trading everybody
We have a resistance above us now at 8200 witch could form the right shoulder from there, under us we see again the 7950 level as support, from that level we could have a bounce up to test the 8200 level again.
These hours are important now, when we have a reversal at the right shoulders we could move higher and look for the 8200 - 8400 level as potentially support/resistance level.
When we move above the 8400 range! This would be a bullish sign for me because it is the key resistance now.
If we cant hold the level at the right shoulder we could break to the downside to test the 7750 level.
Good luck trading everybody
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UPDATE: www.tradingview.com/chart/uobngqEM/