Price Breaks Lower

We have discussed this market a couple of times recently and the key daily chart support price was sitting on.

When we last discussed this market we highlighted that price had not shown any strong rejection of this support level and had formed small indecision candlesticks.

Price has now broken below this level.

It will be crucial to see in the next few sessions that price remains below this level and this break below does not turn into a quick false break.

If we can see this level hold on the smaller intraday charts as a new price flip resistance, then we could start to look for shorter time frame short trades