Inari 0166

Market Review Series

Overall prices are in uptrend. If we travel backwards to the April 2021, we may notice that prices failed to break the critical Fibonacci resistance zone twice. The prices then surged down strongly after form a double top pattern.

The prices manage to find support at the critical Fibonacci support level. After hovering at the support level for around 3 months, prices resume it upward momentum and continue trend higher. However, it still did not manage to break the critical Fibonacci resistance zone.

Yesterday, the prices had executed a fifth challenges on the zone. Unfortunately, the bankers had still shown their massive respect towards the candle. The high volume sell down provides us an indication that the zone remains valid. There is a chance that prices may retest the possible support level mentioned above. It may retest the critical Fibonacci support level also in the worst scenario.

Time to observe.

Student Analysis