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


This month started with bulls driving the price all the way up to MM4 where bears resisted price going up any further so price reversed and fell down with MM2 providing support at the moment.


Price opened just above WM2 but looking at the moving averages the 21 crossed below the 55 and the stochastic is still oversold so here price could still go down further.


Price opened just below the DPP and looking at the width of the 21/55 the market is still bearish so here I am looking for price to retrace and find resistance and sell on m15 & m5.

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