The support at 128.00 has been broken and then re-tested. The H4 view shows that the bears still have the upper hand but I feel that 128.00 will be seen again before the bearish move resumes.
Note also that price has been below the 200 DMA and that by itself is a bearish sign. An entry at / just before 128.00 would permit a small stop loss and my target would be above 125.20 - a nice 4R trade opportunity.
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Note also that price has been below the 200 DMA and that by itself is a bearish sign. An entry at / just before 128.00 would permit a small stop loss and my target would be above 125.20 - a nice 4R trade opportunity.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Note
Sorry guys, that did not work out. I still believe in my trade idea but got stopped out.
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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.