TRADE OF THE DAY | FIL showing bearish divergence | Potential 9%
TRADE OF THE DAY | FIL showing bearish divergence | Potential 9%
Whilst a lot of assets right now are showing some nice breakouts, FIL seems to be doing the opposite with show a few bearish key signs, most notably a bearish divergence whilst being overbought and getting rejected from the 50 Daily EMA. The take profit is set slightly below a 1:1 due to there being a key local support right around target - it makes sense not to risk putting it over for the sake of a very small improvement on the RR.
Be cautious as there are a couple of untested weekly pivots above one around 4.766 which is likely to be filled given its small distance although the one to really watch is sat at 5.1 that can break the trade down.
Whilst a lot of assets right now are showing some nice breakouts, FIL seems to be doing the opposite with show a few bearish key signs, most notably a bearish divergence whilst being overbought and getting rejected from the 50 Daily EMA. The take profit is set slightly below a 1:1 due to there being a key local support right around target - it makes sense not to risk putting it over for the sake of a very small improvement on the RR.
Be cautious as there are a couple of untested weekly pivots above one around 4.766 which is likely to be filled given its small distance although the one to really watch is sat at 5.1 that can break the trade down.
