BEARISH BUTTERFLY + PRICE @ OVERBOUGHT AREA + SUPPORT TURNED INTO RESISTANCE. :-) ENJOY
Trade active:
Although cable has rebounded after marginal fall to 1.2844 and consolidation above this level would be seen, still reckon upside would be limited to resistance at 1.2903 (previous support) and bring another decline, below said support would add credence to our bearish view that top is formed at 1.2991 earlier and bring test of 1.2831 support, break there would provide confirmation and extend the fall from 1.2991 top to 1.2805 and later towards 1.2770 but reckon previous support at 1.2757 would hold from here.
In view of this, we are holding on to our short position entered at 1.2900. Above 1.2925-30 would risk test of 1.2950-60 but break there is needed to signal low is formed, bring another bounce towards 1.2988-91 resistance but break of 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) is needed to revive bullishness.
In view of this, we are holding on to our short position entered at 1.2900. Above 1.2925-30 would risk test of 1.2950-60 but break there is needed to signal low is formed, bring another bounce towards 1.2988-91 resistance but break of 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) is needed to revive bullishness.
Comment:
Head&Shoulders Too!!