In this case, the price has pulled back into a key resistance area but failed to break out. It's also aligned with both the 200 and 20 moving averages, and today we’ve seen a strong bearish reaction from that zone.
Considering this confluence and the current direction of the overall market, I believe this presents a solid opportunity to set up a short trade and potentially ride the move down alongside the broader market pullback.
Considering this confluence and the current direction of the overall market, I believe this presents a solid opportunity to set up a short trade and potentially ride the move down alongside the broader market pullback.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.