Broke trend line from December yesterday and doing back test today.
More aggressive traders can short on the back test, for the others wait for 29500 or there about to break.
Target is around low from December at 26000
I was unfortunate to be stopped out of this BID short trade last week after that spike to the R329 level.
Price has since come off from those levels to current levels below R310.
Looking at the broader weekly chart, last week’s candle is a bearish engulfing one, which suggest to me that more down might be coming in the coming weeks.
R290 or below remains on the cards.
Quite a strong move from the sub-R290 levels about 2 weeks ago to its current levels.
I’m going short at current levels (R315) for a move to below R300.
A breach of the resistant area around R320.70 will be my signal to exit; so my SL is set around R323/R325.