MU Evening Market Analysis
On the current 1-hour timeframe of the weekly chart, the market is in a very clear “channel resistance” structure.
Looking at the Bollinger Bands below, after moving sideways within the channel, the price broke below the lower band. The bulls staged a strong rally in an attempt to rebound and recover. However, the rally encountered intense technical selling pressure right around the lower Bollinger Band in the 725–728 range, and the weekly candle formed a pronounced long upper shadow.
On the broader weekly timeframe, a rebound retest after an earlier break below support often signals the start of a new downtrend. Bullish momentum is now fading, and the bears have regained control of the market.
Trading suggestion: Short directly around 730, with targets at 720–700.
On the current 1-hour timeframe of the weekly chart, the market is in a very clear “channel resistance” structure.
Looking at the Bollinger Bands below, after moving sideways within the channel, the price broke below the lower band. The bulls staged a strong rally in an attempt to rebound and recover. However, the rally encountered intense technical selling pressure right around the lower Bollinger Band in the 725–728 range, and the weekly candle formed a pronounced long upper shadow.
On the broader weekly timeframe, a rebound retest after an earlier break below support often signals the start of a new downtrend. Bullish momentum is now fading, and the bears have regained control of the market.
Trading suggestion: Short directly around 730, with targets at 720–700.
