Still aiming lower
Day trade update and view
A bear move Thursday through .7767 and .7732 supports to reinforce Wednesday's setback from below .7845 resistance, from .7838, resuming negative forces from the aggressive, late February plunge below key .7721 support, leaving a downside bias for Friday.
Day trade setup
- We see a downside bias for .7689 and .7648/39; a break here maybe aims for .7579.
- But above .7751 opens risk up to .7812 and possibly .7838/45.
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 .7871 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.