Last night’s bullish triangle failed. It didn’t take too long to realize that since the move was already weak to begin with. Bears took over just before US’s release on PPI and Unemployment.
Dailies still show higher high and higher low except for yesterday’s low. Price didn’t close above open. There’s a sense of bearishness here.
Bulls may try to break 166.80 but I do have my doubts especially the weakness of the breakout yesterday as well as the huge fall from 166.80 to 165.30.
Previous day’s low of 165.30 may be an area to buy but a breakdown of that price level can have a lot of momentum to push to 164.00.