Context:
price forms a small range between 77500 resistance and with support at 76930
any breakout to the upside should be considered strong and a retest of the upperlimit of the channel is likely (78500)
a breadown OTOH to the downside is a sign of weakness and we might see 75600 again..
Trading opportunities:
Long:
breakout of the reistance level at 77500 + pullback
retracement off the mean at 77210 (sign of strenght)
reversal at support 76930
short:
reversal at resistance 77500
breakdown of support at 76930 + pullback
Signs of strength:
upchannel
support at demandline
Signs Of weakness:
resistance near the 50% retracement
Support:
77210
76930
76000
Resistance:
77500
77600
77900
price forms a small range between 77500 resistance and with support at 76930
any breakout to the upside should be considered strong and a retest of the upperlimit of the channel is likely (78500)
a breadown OTOH to the downside is a sign of weakness and we might see 75600 again..
Trading opportunities:
Long:
breakout of the reistance level at 77500 + pullback
retracement off the mean at 77210 (sign of strenght)
reversal at support 76930
short:
reversal at resistance 77500
breakdown of support at 76930 + pullback
Signs of strength:
upchannel
support at demandline
Signs Of weakness:
resistance near the 50% retracement
Support:
77210
76930
76000
Resistance:
77500
77600
77900