The daily trend line has been broken and is giving the market new clues to the potential movement over the next 24hrs. It is important to keep in mind around these daily trend lines, that market manipulation becomes an important factor to consider. These spikes will mean traders can be trapped easily (short/long).
At the moment the bulls have strength.This being said we are watching the area in blue. A strong close of the 1hr above this region would suggest a potential long opportunity up to the monthly support at 110.
In this situation it is important to be patient, as a double top could signify a rejection of this blue area and provide a short opportunity. This would be after a strong break below the lower supporting trend line (dotted).
At the moment the bulls have strength.This being said we are watching the area in blue. A strong close of the 1hr above this region would suggest a potential long opportunity up to the monthly support at 110.
In this situation it is important to be patient, as a double top could signify a rejection of this blue area and provide a short opportunity. This would be after a strong break below the lower supporting trend line (dotted).