Price is clearly rejected at the daily support and look losing momentum form this resistance area. From the technical perspective, the price may chance to break below the structure and continues to push to the downside.
From the COT perspective, hedge fund keeps closing the long and short position for a few weeks and but the net positions are showing sign of the decrease and the market keep push to the upside. When price is pushing to the upside, but long and short does not increase meaning they are more interested in short, accumulated the short position to sell at a higher price.
But in the 4h timeframe, overall is still bullish, It is best for us to monitor the price action in the 4h time-frame and wait for the break below the structure, if there has shown any confirmation inside the structure, then we can take a sell position with a good risk-reward. Otherwise the market can keep push to the upside.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge fund keeps closing the long and short position for a few weeks and but the net positions are showing sign of the decrease and the market keep push to the upside. When price is pushing to the upside, but long and short does not increase meaning they are more interested in short, accumulated the short position to sell at a higher price.
But in the 4h timeframe, overall is still bullish, It is best for us to monitor the price action in the 4h time-frame and wait for the break below the structure, if there has shown any confirmation inside the structure, then we can take a sell position with a good risk-reward. Otherwise the market can keep push to the upside.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.