Momentum was weak since mid 2016. Recent strong sell-out after rising to the previous support line at 42.00.
Even though there is a strong resistence line at about 39.20, a break would provide hugh space for a drop.
The entry is relatively aggressive, but a targetable chance-risk-ratio of about 2 is for the first target is quite good and will likely be hit even if the suppport line will hold. If so, the overall trade (if 50:50 in size) will pay off a little profit.
Second target provides a CRR of over 8.
*** As always, if you trade with real money make your own analysis, as the provided analysis is no trade recommendation and for theroetical learning only. So do not trade any of my trade-analysis with real money. ***
Even though there is a strong resistence line at about 39.20, a break would provide hugh space for a drop.
The entry is relatively aggressive, but a targetable chance-risk-ratio of about 2 is for the first target is quite good and will likely be hit even if the suppport line will hold. If so, the overall trade (if 50:50 in size) will pay off a little profit.
Second target provides a CRR of over 8.
*** As always, if you trade with real money make your own analysis, as the provided analysis is no trade recommendation and for theroetical learning only. So do not trade any of my trade-analysis with real money. ***
Trade closed: target reached:
TP1 reached.
Trade closed: target reached:
TP2 reached.