Sell below 1200.00. Stop loss at 1246.00. Take profit at 1040.00.
Reason for the trading strategy:
We remain bearish looking to sell on strength at 1200 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to 1040 support (Fibonacci retracement, major horizontal pullback support, recent swing low support).
RSI (34) is seeing major descending resistance which we expect to see a reversal in price from.
Reason for the trading strategy:
We remain bearish looking to sell on strength at 1200 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to 1040 support (Fibonacci retracement, major horizontal pullback support, recent swing low support).
RSI (34) is seeing major descending resistance which we expect to see a reversal in price from.
