Context:
Price just rejected off local range high near $148 — a key resistance that has held several times historically. We’re seeing initial signs of weakness after a strong rally, with price failing to hold above resistance and beginning to break minor structure.
Setup Details:
Entry: ~$146.20
Stop Loss: ~$148.35 (above recent high)
Target: ~$141.00 (range low + demand pocket)
Risk/Reward: ~2.38R
Trade Idea:
This is a classic range play — short from top of the range, targeting the base. Momentum is fading near resistance and we have a clean invalidation just above. Price structure suggests lower highs are forming, and any further weakness should push us back into the mid-to-lower part of the range.
Price just rejected off local range high near $148 — a key resistance that has held several times historically. We’re seeing initial signs of weakness after a strong rally, with price failing to hold above resistance and beginning to break minor structure.
Setup Details:
Entry: ~$146.20
Stop Loss: ~$148.35 (above recent high)
Target: ~$141.00 (range low + demand pocket)
Risk/Reward: ~2.38R
Trade Idea:
This is a classic range play — short from top of the range, targeting the base. Momentum is fading near resistance and we have a clean invalidation just above. Price structure suggests lower highs are forming, and any further weakness should push us back into the mid-to-lower part of the range.
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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.