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We remained neutral during the previous technical report, explaining that activating the upward trend requires we witness the price breaching and consolidating the resistance level of 14,730, targeting 14,790, recording its highest level of 14,848.
On the technical side today, with a closer look at the 4-hour time frame chart, we find the price stable momentarily below the 14,830 resistance level, accompanied by negative pressure on the 50-day simple moving average.
We are leaning towards negativity in the coming hours, aiming to retest 14,620 as the first target. Breaking the aforementioned level will extend the losses as we wait for a visit to 14470.
Only from above, skipping upwards and rising above 14820, did the index achieve strong gains that started at 14,960 and may later extend to 15,060.
The negative pressure signals began with breaking the support floor of 14,620 to target 14,580 and 14,530.
Note: Today, the markets are awaiting high-impact data from the Canadian economy, represented by the Bank of Canada’s monetary policy report, interest statement, and interest rate decision, as well as the speeches of the chairman of the Federal Reserve and the European Central Bank. We may witness fluctuation in the markets during the release of these data.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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