by the Yearly R1 which has acted support during 2018, on close basis.
On H4 price has bounced off the lower end of the Cloud and there
trend is . On the hourly chart to the right, price has also shifted
trend after failing to find support during today session. It stands just
above the 1000 and we might see further downside pressure
on the back of the CLoud breakout. Support below 1000 is 945 level and if
a stronger sell off we are looking at the 800-820 level for next support. If
price bounce from current support nearest resistance is at 1060-80 zone
and the lower Cloud. Note how price bounced off the HMA200 by the 1155
resistance (right chart). Also note how price came back and tested the
Daily for resistance, after which is sold off.
Bulls hope for the 1000 support to hold and that price bounces and
return to the Cloud, because a breakdown of the 1000 level could spur
a sharper sell off. Another thing to note is the pressure on the daily
timeframe as the is and moving down but price is consolidating
slightly higher. This indicates that the 1000 level will hold support.