Possible downtrend reversal
(Work in progress)
After rejecting support at 25.20 the price broke the secondary uptrend line and price is now below EMA 50.
1) Bullish hammer candle, possible downtrend reversal at 25.00 - 24.45 and bounce until price reaches around 29.00
2) but if price falls below, then is a bearish continuation and price will test at 23.66, close to the EMA 200. Price could bounce from this level, initializing a new secondary bull trend.
After rejecting support at 25.20 the price broke the secondary uptrend line and price is now below EMA 50.
1) Bullish hammer candle, possible downtrend reversal at 25.00 - 24.45 and bounce until price reaches around 29.00
2) but if price falls below, then is a bearish continuation and price will test at 23.66, close to the EMA 200. Price could bounce from this level, initializing a new secondary bull trend.
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