Unlike the monthly bar, the weekly bar has closed already. It closed above the monthly level by a small margin. Why “small margin”? Look at the big upper tail (in the circle), it’s due to some number of sell orders being triggered at the tip of the bar. Guess what could cause such effect? A resistance level I did not draw. Which resistance level? The eye does not take long to see the tip “suspiciously” hit BRN 800. We’ll see more of that effect on the daily chart.
Another peculiarity is the big bearish channel that is enclosing price between those two red trend lines. If price will go hit the one at the top, then it will react to it. I have drawn small arrows showing what bars determined the monthly level right above price.
