Tuesday’s rebound from the rising trend line failed to materialize into a break above immediate resistance of 7055 (Oct 14 high).
The decline to 7018 levels seen as I write forces me to consider whether the bulls are exhausted and would gather steam only after a meaningful correction has happened.
A daily close today below 7000 levels would open doors for re-test and a possible break below rising trend line support which by Monday would have shifted higher to around 6980. A daily close below the trend line on Monday could yield a drop to 7000.
The decline to 7018 levels seen as I write forces me to consider whether the bulls are exhausted and would gather steam only after a meaningful correction has happened.
A daily close today below 7000 levels would open doors for re-test and a possible break below rising trend line support which by Monday would have shifted higher to around 6980. A daily close below the trend line on Monday could yield a drop to 7000.
