hi traders
Let's have a look at SONY .
SONY has been in a macro downtrend.
It looks like the price formed double top pattern on weekly time frame. 2 tops around 100 $ , at the 0.382 fib level acting as a resistance.
In my opinion it's not a time to look for longs on SONY.
I would rather short it if the support at 80 $ fails. Breaking below 80$ will be a confirmation for bears and the price may drop even 23 % from there.
The target for shorts and entry for longs is shown on the chart.
If you want to play the bounce, 83 $ will be a target for longs.
Let's have a look at SONY .
SONY has been in a macro downtrend.
It looks like the price formed double top pattern on weekly time frame. 2 tops around 100 $ , at the 0.382 fib level acting as a resistance.
In my opinion it's not a time to look for longs on SONY.
I would rather short it if the support at 80 $ fails. Breaking below 80$ will be a confirmation for bears and the price may drop even 23 % from there.
The target for shorts and entry for longs is shown on the chart.
If you want to play the bounce, 83 $ will be a target for longs.
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