Doji forming on the daily with decreased volume from yesterday's candle. On the hourly the 8EMA, 13EMA, & 21 EMA are crossing over with the shorter time frames going to the downside. The market managed to reach near 9600 level ~2 am last night but then sharply enough dropped to the 9200 level. It has touched off this level a number of times over the past few days making this a level of significance.
I anticipate a drop back to this level in the short term but I am not sure whether it will make it past this level. For this reason, I will be looking to take a short position at around 9330 and look to take 80% of it off at 9220. Due to this being a small speculative move to take, I will also put a tight stop loss at 9430 level.
I anticipate a drop back to this level in the short term but I am not sure whether it will make it past this level. For this reason, I will be looking to take a short position at around 9330 and look to take 80% of it off at 9220. Due to this being a small speculative move to take, I will also put a tight stop loss at 9430 level.