British-American Tobacco Now Bearish
BTI has price has gone below 11 November low, this represent failure of a daily cycle and price turning bearish. Not far from current low is 29 September low of R634.01, if this is breached the bearish extends to the weekly price action further confirmation of a bearish trend ensuing.
For traders who were not short, the pink declining resistance line is a possible entry point as well as the 200 day MA that turned resistance. Places of interest to close short positions:
1. The green trendline
2. the black trendline
3. The pink trendline which would also be realistic point to go long
For traders who were not short, the pink declining resistance line is a possible entry point as well as the 200 day MA that turned resistance. Places of interest to close short positions:
1. The green trendline
2. the black trendline
3. The pink trendline which would also be realistic point to go long
Trade closed manually:
BTI presents a risk that it will not make it to the green trendline & is warming up to have an weekly low at this level, best to close shorts.