TABLE OF CONTENTS:
Colors for Support, Resistance, Trend Lines: Monthly, Weekly, Daily
Monthly Commentary: We have new month and price is between 50% and 61.8% of Fibonacci retracement.
Weekly Commentary: Blue weekly trend line was broken; last week was pullback. On lower time frame we can search for sell opportunities.
Daily Commentary: Price retraces back to red daily resistance and closed below. We can search for sell opportunities, but sometimes price retests not only “red” resistance but also “blue” trend line before moving down. Important is trend definition lower highs, lower lows. We need to see what will happen.
Monthly Commentary: Price is inside the channel, borders are respected. It looks that price can go down from monthly channel.
Weekly Commentary: We can see breakout, pullback below blue weekly support, now resistance. It is good signal for searching to sell on lower timeframe.
Daily Commentary: Red horizontal line from last week analysis was broken many times, so it is removed. It needs clear price action in this area (pinbar, inside bar). Next week we can search for sell opportunities.
Monthly Commentary: Price is between monthly support and resistance.
Weekly Commentary: Price is in weekly channel and above monthly support but on the edge.
Daily Commentary: Last week here wasn’t any valid daily candle (price action) for buy opportunities and price went down with broken blue weekly trend line. Now it is good to watch for kind of pullback. Ideal case could be from retested blue weekly trend line with lower high.
Monthly Commentary: Price is inside the channel, borders are respected.
Weekly Commentary: Not clear, price is in area where weekly trend line is. We need to see lower time frame.
Daily Commentary: Price is inside the triangle. Some traders could search for sell opportunities because it looks like “small” down trend. Some traders are not trading inside the triangle.
Monthly Commentary: After breakout price is back on support.
Weekly Commentary: There are clear weekly levels for support and trend line. We are testing monthly support too.
Daily Commentary: It looks that price is going down, but we don’t have lower low yet and we are on monthly support too.