Price has started to create a descending price range channel during late January with lower highs and lower lows. The candle of March 2 is a bit contradictory in the sense that price made a lower low again but one could classify the shape and position of the candle as a 'Hammer', be it not a perfect one.
Price made a solid move up of some 2% on March 3 which pushed price straight to the upper boundaries of the where the upper trend-line (in red) coincides with the horizontal (in black) line. This line was support to price during 4-7 January and during 8-12 February but same support was broken quite decisively on February 23. Now the same horizontal line offers resistance to price together with the earlier mention (red) upper of the .
A short play entry is being offered here with stop at 476 basis intra-day or at 466 basis end-of-day. First target 430 which is a 5% swing down from here and where at least half the position will be closed. As soon as there is a bit of profit in the position we trail the stop down to entry level in order to protect our capital.