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Knocking on the door once more
I was expecting a pullback to the fork median line. But the median line has actually come up to meet price. The horizontal line is the support level. Is that a ledge? So we have a spike and ledge?
So my question is, who still wants to be buying at the moment? Price has been trading here for a day, moving sideways in a narrow range, without any pullback. Who still wants to buy? How can price now have the force to break to the upside, if the momentum has been taken out of the previous spike? So that’s my thinking at the moment.
I believe the majority of traders have spotted the opportunity to pullback to 12500-12550 on the way to the 12800 level.
Shorting down to the 550 is probably not the best move, but buying down there could provide the best setup
About to start the webinar:
Good morning traders. I have had a couple of message this morning saying that the expectations are for a bearish day today. It’s Friday, which can often be a reversal day. We have enjoyed quite rally this week, so it would not be unusual to see a retracement. However, 12600 has been doing a good job of containing the price.
If we do get a pullback, then this is one idea:
But I can present a bullish case as well: