Same play as i posted before on the 4hr chart but this time on a smaller timeframe. (attached in the related links)
Same rationale as well as there is clear selling pressure building from the triangle/wedge pattern from the last few days.
Expected price target for this play is 130.90
Good 1-2-3 pattern to continue a bullish bias. Expecting to break the resistance level but maybe too extended to break now. Looking for a small pullback or flag to work off the overbought stochastic.
This is the kind of short that I like: the downtrend was defined by the breakdown of a important support level last week and now the market test this same level as resistance, forming a gravestone doji.
I expect the price to resume the downtrend seeking the last bottom at 15.15 and even beyond that level.
Change my mind if the price breaks the resistance level at 16.09.
I am in once it crosses 5 cents over the 5DMA
Entry at 13.67
Target: 14.62 : 7% Stop: 13.15 : Loss: 3.6%,
A Profit/Loss ratio of 3 : 1
regards,
Jason | Tbltraders.com
