Pivot point: 11489
As long as the Pivot point is a support, the overall scenario is bullish.
If the Pivot point becomes a resistance, the scenario changes to bearish.
Close around the Pivot point, there is an undecided scenario with a sideward trend.
Resistaces R1 and R2 and supports S1 and S2 are close together. Therefore, we expect a slow upmove with narrow swings. This is not a good scenario for trading. Spreads will most likely be bigger than the swings.
As long as the Pivot point is a support, the overall scenario is bullish.
If the Pivot point becomes a resistance, the scenario changes to bearish.
Close around the Pivot point, there is an undecided scenario with a sideward trend.
Resistaces R1 and R2 and supports S1 and S2 are close together. Therefore, we expect a slow upmove with narrow swings. This is not a good scenario for trading. Spreads will most likely be bigger than the swings.