Runs lower from earlier NY levels.
In the earlier post
, I commented how the price pattern of big ups and downs, was showing a change in that story line. The price had traded above the 200 hour MA at 1.31229 on the way to the high at 1.3148 area, but the price had moved back below that key MA level. The price ended up staying below the level, and moved down toward the downside targets including the lows from last week at 1.30723 down to 1.30571. The low for the day reached 1.30592. Close enough.
Buyers came in against the level as risk could be defined and limited with stops on a break below. The question now is will the lows now hold support? Will the stops be avoided?
Drilling to the 5 minute chart, if the sellers are to remain in control intraday, watch the 1.3088 as close resistance. That was the close from Friday’s trade. The high price after breaking below stalled near that level. Stay below keeps the sellers firmly in control.