Sell below 114.07. Stop loss at 114.77. Take profit at 112.90.
Reason for the trading strategy (technically):
Price continues to drop nicely from our selling area. We remain bearish below 140.07 resistance (Fibonacci retracement, horizontal overlap resistance). We also tighten our stop loss to 114.77 to protect our profits. Profit target is at 112.90 support (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing pullback resistance at 69% which corresponding to the reaction we are seeing off 114.07 in price. We hope to see a stronger reaction for a further drop.
Reason for the trading strategy (technically):
Price continues to drop nicely from our selling area. We remain bearish below 140.07 resistance (Fibonacci retracement, horizontal overlap resistance). We also tighten our stop loss to 114.77 to protect our profits. Profit target is at 112.90 support (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing pullback resistance at 69% which corresponding to the reaction we are seeing off 114.07 in price. We hope to see a stronger reaction for a further drop.