Date 14 Sep 2018
Background = No clear trend in hourly. 618 - 620 marks the strong supply zone and 584-587 marks strong demand zone., An effort to rise was seen after 2B reversal near the demand zone resulting a strong rally. Bullish sentiment is seems to be weakening in last hour as spread narrows and close was well off the high on high volume. High activity shows the presence of smart money but narrow spread and mid close suggest that weakness had entered in to the market on an upbar.
5m chart shows a strong uptrend. Uptrend got accelerate as price went past above the overbought region and started trending above that. A reverse UT channel is drawn. Professional selling was seen near 610 during closing hour justifying the weakening of bullish sentiment from 60m chart.
Trade Plan = For price to go up, there need to be an effort through this supply zone and all the supply need to get absorbed above PDH. Watchout how price behaves around the red horizontal trading range,
Background = No clear trend in hourly. 618 - 620 marks the strong supply zone and 584-587 marks strong demand zone., An effort to rise was seen after 2B reversal near the demand zone resulting a strong rally. Bullish sentiment is seems to be weakening in last hour as spread narrows and close was well off the high on high volume. High activity shows the presence of smart money but narrow spread and mid close suggest that weakness had entered in to the market on an upbar.
5m chart shows a strong uptrend. Uptrend got accelerate as price went past above the overbought region and started trending above that. A reverse UT channel is drawn. Professional selling was seen near 610 during closing hour justifying the weakening of bullish sentiment from 60m chart.
Trade Plan = For price to go up, there need to be an effort through this supply zone and all the supply need to get absorbed above PDH. Watchout how price behaves around the red horizontal trading range,