7.17 Big Pancake Afternoon Analysis
On the four-hour level, the previous consecutive bullish trend abruptly ended, and the short-term trend confirms a reversal. Bullish momentum has significantly weakened, and bearish forces are starting to dominate the pace.
The price surge failed to effectively stabilize above the upper resistance, and it has broken below the support of the smaller ascending channel. There are clear signs of increased bearish volume, and it is highly likely that the downtrend will continue during the day.
Recommendation: Range trade between 119000 - 119500, target 116000, stop loss 500.
Recommendation: Range trade between 116500 - 117000, target 120000, stop loss 500 points