An hourly sell triggered Friday afternoon but failed to continue lower as price rallied back up to again retest our area of MR at the 1912 area. Earlier in the morning this area was mR but after several touches our method tells us that this has now become MR. We will have to wait until early Monday morning to see if the Europeans will push price above this area or move price lower. Currently we are sideways on the hourly time frame...
Hourly
Friday's daily bar did close red but with a long bottoming tail with the 20 ma hooking around just below the bar in an area of mS. Conflicting view is that the 50 ma is just overhead at MR and price will have a hard time moving through this area...
Daily
On our weekly chart we see that price did not do what I had expected at the end of last week but price actually gapped up at the open of the weekly and moved higher but has left a small wick at the top where sellers came in. The 1941 area of MR may be retested this week...
Weekly
