1. Identified Support in Green and Resistance in Red

2. Market direction is indicated by 21/55 MA.If 21 is above 55 then the market is bullish and vice-verse if
21 is below 55 then the market is bearish.

3. Price action is indicated by 5/8 MA.

4. Take note of the angle of separation between the moving averages


Price opened between MPP and MM3 and went up and reversed just before MR1 and came down to MPP and also looking at the moving averages the the 5just crossed below the 8 but 21 is still above the 55 which means the market could still be bullish.


Price opened at WM3 came down and found support just above WM2 and went up but reversed just before WM4 and came all the way down and made a break through WM2,looking at the moving averages the 21 is converging with the 55 so if the 21 crosses below the 55 this could be the beginning of a downtrend


Price opened just DM2 and came all the way down to DM1 where price found support and made a double bottom but price could go down further,so here I am looking for price to make a lower low to confirm trend continuation.

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