Long term trend: Up
Medium term trend: Down
Significant Levels: 1251 (Horizontal Resistance), 1187 (Horizontal Support), Downtrend Line
Currently, the price is making its move up. We still cannot say that the price is back to its long term trend. As of now, we are still bearish on this market. If the price broke above the resistance and downtrend line, we could say that bulls are in control. But unless that happens, we are still bearish here.
If the price touches the resistance and rejects it, that would be our opportunity to sell. For those aggressive traders, you could ride the short term move up (though I won't recommend that). Take note that anything can happen in the market. The price might go up, down or sideways. We are bearish here for now. Therefore, we only want to sell.
Trade well.
Medium term trend: Down
Significant Levels: 1251 (Horizontal Resistance), 1187 (Horizontal Support), Downtrend Line
Currently, the price is making its move up. We still cannot say that the price is back to its long term trend. As of now, we are still bearish on this market. If the price broke above the resistance and downtrend line, we could say that bulls are in control. But unless that happens, we are still bearish here.
If the price touches the resistance and rejects it, that would be our opportunity to sell. For those aggressive traders, you could ride the short term move up (though I won't recommend that). Take note that anything can happen in the market. The price might go up, down or sideways. We are bearish here for now. Therefore, we only want to sell.
Trade well.