We can see a clear rejection on a long term resistance line, a head and shoulders formation just completed on the daily and we lost the support at 169 and the 100 EMA. Don't forget the long term trend is down and it looks like we are going at least to test the 200 EMA which from my experience rarely holds strong downward pressure. I opened my short at 180 with 5x and my purchase is targeted around the 150 sat area where we could test the support of the recent (mid-2020) uptrend. However, if we would go by feelings I'd believe we will go as low as 90 again in a few weeks. Let me know in the comments if you think otherwise. Have a great day.
Comment:
Came down all the way to 152 almost exactly as targeted, the volume is looking weak af on the bounce so I believe in the immediate short term we will test that level again and could potentially resume the down trend. EMA's are looking extremely bearish in the 4H (9,21,50,100,200), the RSI is still trapped with the 50-60 range acting as resistance, I expect it to go lower and with the elections and stuff so we could even be heading to new lows not so far in the future.
Comment:
Target reached, trade closed with 85% profit. Will keep monitoring the chart to look for a new entry.