Setback again, still looking for a deeper push lower
Day trade update and view
A Friday rebound failure from below our .7677/87 resistance area and from below the down trend line from latter February, and to spike below .7597/91 supports to .7585, sustaining negative pressures from the early April extension down to .7528 after the latter March plunge below notable .7560/59 supports, leaving a downside bias for Monday.
Day trade setup
- We see a downside bias for .7585 and .7528; a break here aims for .7510 and maybe towards the next key level at .7458.
- But above .7677/87 aims for .7756 and maybe even towards .7804.
The push below key .7721 support signalled an intermediate-term shift to a bear trend.
- Downside risks: We see an intermediate-term bear trend to aim for .7560/54, .7458 and .7218.
- What changes this? Above .7849 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.