Signs of trend exhaustion along with unclear signs on ADX and that would bring huge fluctuation after bouncing from 1100.00; whilst trading remains below moving averages.

Trading below 1113.00 and below SMA50 at 1118.00 are negative factors, but the bounce from 1100.00 forces us to remain on the sidelines, as signs of forming a falling wedge increased.

Support: 1100.00 – 1096.00 – 1087.00

Resistance: 1113.00 – 1120.00 – 1125.00

Direction: Bearish, but we will stand aside.

Posted By: ICN.COMon: September 14, 2015In: Technical Analysis

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