There is a significant bearish divergence observed in the monthly time frame, starting from February 1st, 2016, up until the current market price on May 1st, 2023. This bearish divergence indicates a growing dominance of sellers in the market. Additionally, the price in the monthly time frame indicates a high opening for the current year of 2023, presenting a clear sell setup in formation.
Price is being rejected at 19.86470, providing an opportune moment for selling. An ideal sell trade would occur when price closes below 19.36809, accompanied by a reliable TDI cross to confirm the presence of sellers in the market. The first take profit level is set at 18.20213, while the second take profit level targets the 2023 yearly open at 17.40263. It is important to exercise caution and await valid entries before executing any trades.
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