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Simple Price Action Analysis at the Monthly Open: Expecting Further Downside


As the July monthly candle has just opened, we are seeing what appears to be a strong upward bounce. However, we must not forget the intense selling pressure from the previous month.

If you look at the chart, June printed a massive bearish candle accompanied by significant volume. While the price currently seems to be finding temporary support around the 2021 previous highs (the circled area), this early July upward movement looks like a textbook trap.

Structurally, it appears to be nothing more than a move to form the upper wick of the current monthly candle.

I expect this month to close deeper than June's low. Ultimately, I am anticipating the formation of three consecutive bearish monthly candles, driving the price further down below this current support level.