The Pin Bar Candlesticks formation indicates change in trend. If it is found near important resistance level then it signals selling pressure and rejection of prices on high level as indicated the above chart.
Therefore, it is an important formation to measure market sentiments and as per above chart it indicates high selling pressure or profit taking signals short.
I believe it will continue its prevailing bullish trend. It will retest the 154 levels and might break through those levels to aim for 160 in few days.
Target: 154.66 SL: 150.34
Risk/Reward: 1:3
Weakness in buying due to following points:
1. Formation of Bearish Butterfly Pattern at 1.272, creating a high where most profit taking takes place
2. RSI divergence, weakness in trend and buying
3. Touching previous structure support now acting as resistance.
RISK & REWARD: 1:3
