A nice channel has formed with a few touch points giving me confidence that this channel will act as S/R. The daily and weekly pivot has not yet been hit and I suspect that price will retrace slightly on the following conditions:
1.) End of month = profit taking and so price may decline
2.) The monthly pivot has not been hit nor has price retrace significantly towards this area
3.) Stochastic is bearish on 1HR/2HR and still overbrought on higher timeframes
1.) End of month = profit taking and so price may decline
2.) The monthly pivot has not been hit nor has price retrace significantly towards this area
3.) Stochastic is bearish on 1HR/2HR and still overbrought on higher timeframes