Sell below 86.67. Stop loss at 87.34 Take profit at 84.69.
Reason for the trading strategy (technically):
Price has started to form a really nice reversal pattern with bearish divergence being formed. We look to sell below major resistance at 86.67 (Multiple Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to at least 84.69 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is seeing major resistance below 98% where we expect a corresponding drop from. We’re also seeing bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price has started to form a really nice reversal pattern with bearish divergence being formed. We look to sell below major resistance at 86.67 (Multiple Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to at least 84.69 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is seeing major resistance below 98% where we expect a corresponding drop from. We’re also seeing bearish divergence vs price signalling that a reversal is impending.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.