MC Trading

After the all-time new high, a steep pullback occurred as expected. It looks like the geo-political influences assisting the recent price rallies may subside for a while. A close below the 2436.50 level occurred and our proprietary reversal pattern is still valid. Price can trade back to the 2437 to 2447.50 level. Any bar closes above this level, can lead to another new high. A bar close below 2432.75 will mean a good chance of price reaching the 2401.75 level in the medium term if no new highs is made and we get follow through in selling pressure to the down side. A sideways price movement is also possible from here for a while.

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