GDM long-term downtrend channel continues
The Monthly GDM chart shows that the instrument is rejected from Andrew’s Pitchfork long-term downtrend channel uptrend resistance line 1110 and is testing the channel swing continuation downside resistance 858. A break below 858 could lead to a test of the upper half channel median line 600.
On a Daily chart, we can see a new downtrend Pitchfork channel formed and the instrument is traveling o test a key near-term resistance channel Median line 800 after breaking below 850 on a daily chart. Loo for the short trade entries with the stop loss above 880 to target 770 and possibly lower.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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