BROS, Beautiful short setup !

NYSE:BROS   Dutch Bros Inc.
BROS is offering a low risk short setup !

We previously discussed BROS in terms of Elliott waves and made a nice profit form latest major down going wave (See related idea ). Here we are going to investigate the stock in terms of Price Action.

After major decline and gap down after disappointing earning , BROS made a nice pull back to broken strong support. This former support played it's role as strong resistance and pushed the stock back down. After finding a new support BROS tried to go up but faced another strong static resistance which beautifully coincides with 0.618 Retracement level of last minor decline.

At the resistance , we have two doji candles and today we have strong bearish candle which is our confirmation candle. Moreover, Hourly up trend line is now broken by the power of this strong bearish candle. In addition, Stochastic indicator made a bearish reversal in overbought zone which is another bearish sign.

In despite of all these bearish signals, trade may not proceed in our side therefore, setting stop loss is necessary. All the trade information are presented in the chart.

I Hope you enjoy this trade set up and wish all huge profits.


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