Daily level:
The daily level closed with an engulfing bullish candle yesterday.
This is a strong rebound formed after the decline triggered by yesterday's CPI news.
However, it should be emphasized that the resistance level at the daily chart above is forming.
Resistance area: around 98500-98200.
The lower shadow lows in the daily level downtrend are gradually moving down.
This represents that during a whole downtrend, the selling pressure is gradually increasing.
Buying pressure is starting to gradually weaken.
Today, the daily level has continued to move down after opening.
The overall downtrend continues, and market sentiment remains a continuous selling sentiment.
Four-hour level:
The four-hour level has formed a standard downtrend channel.
And in the previous resistance area:
Around 98500-98200.
Forming parallel tops and significant selling pressure at high points.
The previous four-hour level closed with a top bearish candle.
Currently, the four-hour level continues to show increasing volume while moving downwards.
The downtrend continues and is confirmed again.
One-hour level:
The one-hour level is consistent with the four-hour level.
The downtrend channel is clearly defined and standard at the same time.
The upper resistance area has been re-validated.
In the downtrend, pay close attention to the support and resistance switch position around 96500 in the channel.
Focus on the pullback situation after breaking down; if there is no pullback or recovery.
Thus, the downtrend that starts from the upper edge of the channel is likely to continue as a downtrend continuation in the market phase.
