General overview for 13/01/2014 08:30 CET
The SUPPLY ZONE that has been described here the whole last week has been providing a good resistance and finally the market has broken to the downside. Currently, it is moving in rather tight golden channel and traders should wait for either further channel downside price continuation or an upside breakout attempt. In the latter case, the next resistance level would be between the levels of 142.00-142.15, just shy of Weekly Pivot level. On the other hand, there is a Technical Support zone В between the levels of 140.83-141.05 and this zone must be broken to support the more price deteriorating point of view.
Support/Resistance:
144.73 - WR3
143.93 - WR2
143.06 - WR1
142.25 - Weekly Pivot
141.56 - Intraday Resistance
141.42 - WS1
141.22 - Intraday Support
140.63 - WS2
Trading recommendations:
In case of a golden channel breakout to the upside, buy stop orders should be in play from the entry level of 141.56, SL below the level of 141.19 and TP at the level of 142.00.
