Fell to the 100 bar MA on the 4-hour chart
Earlier in the day, the price was up testing a key resistance at the 100 hour MA and a topside trend line. You can read about it HERE. Those tools have done a great job of stalling rallies in the near term and today was no exception with the 6th successful test.
At the time, I commented that a fall below the close from Friday at 110.82 would give sellers some comfort.
Looking at the 5 minute chart, the fall below the Friday close did lead to more selling. The price stepped lower. That fall took the price to the 100 bar MA (blue line) and the 38.2% retracement at 118.60 area. Buyers have entered and pushed off the levels.
So sellers at the 100 hour MA and trend line. Buyers at the 100 bar MA and 38.2% retracement. A little ping pong match going on. If the low is in place, the 110.82 close is still a target to get through before the key 100 hour MA and trend line.
