Not a good look here on the 4 hour chart. Very weak tape and we've got several things working against this one.
1) Double top rejection
2) Broke down through a positive trend line with vigor
3) The 20 crossed up over the 40 which is good, but a tentative move IMO
We had buyers at the 1st white box right below the current price and that is still a fresh area of liquidity. If that fails to hold gap fill could be on the table here.
Good one to watch for a rebound, set some alerts and see where the price takes us.
1) Double top rejection
2) Broke down through a positive trend line with vigor
3) The 20 crossed up over the 40 which is good, but a tentative move IMO
We had buyers at the 1st white box right below the current price and that is still a fresh area of liquidity. If that fails to hold gap fill could be on the table here.
Good one to watch for a rebound, set some alerts and see where the price takes us.