On the top we have a long term trendline from 2007 that has been touched twice.
We are also sitting right under a Supply zone from early September.
Looking at the weekly chart, we can see some rejection from this zone and on the daily we saw two days of bearish activity with increasing volume, but last week was a major holiday in the states.
I think this trade has the potential to go further as it took 7 years to reach the trend line the first time, and 6 years to approach this time around. That might be a long time to wait for a trade though.
We are also sitting right under a Supply zone from early September.
Looking at the weekly chart, we can see some rejection from this zone and on the daily we saw two days of bearish activity with increasing volume, but last week was a major holiday in the states.
I think this trade has the potential to go further as it took 7 years to reach the trend line the first time, and 6 years to approach this time around. That might be a long time to wait for a trade though.