MACD has formed a very nice Divergence and Stochastic is showing Overbought as well. Considering 1.66000 as a psychological Resistant, the price will definitely bounce back down strongly. Good luck Bears .. :)
@harishbhudia007 and @Divergencify You are right, it pushed through 1.66000. However, if you look at my analysis, there is a dotted yellow line. this line is 52 weeks height and it punched through it as well. As a general rule, any time price breaks through a important support / resistant, it will come back and test it.
Now; 1- MACD Divergence 2- Overbought on Stochastic 3- 52 Weeks High Resistant 4- Phycological resistant of 1.66000
are my reasons that this price will come down and do the correction.
I am in the trade and i am loosing so far. however, patience is the key in every trade and of course, i could be wrong all the way ...
Let me know what you think.
Divergencify
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@Ha-Lion, I am also in the trade, fingers crossed.
As a general rule, any time price breaks through a important support / resistant, it will come back and test it.
Now;
1- MACD Divergence
2- Overbought on Stochastic
3- 52 Weeks High Resistant
4- Phycological resistant of 1.66000
are my reasons that this price will come down and do the correction.
I am in the trade and i am loosing so far. however, patience is the key in every trade and of course, i could be wrong all the way ...
Let me know what you think.