Should weakness persist through the month of January we would also be looking at a Dark Cloud Cover candle pattern on the monthly chart, corresponding with a double top (horizontal line indicates the 50% mark where I would suspect some support).
Price has been initially supported at the 20-period MA on the Daily chart, which also happens to be showing a small bear flag, but the 50-period MA could be solid support which would equate to a 61.8% retracement of the December monthly candle and a solid price support level
No comments:
Post a Comment