Rising Wedge Setup and price is near the upper trendline of the channel and as of now it is still acting as a resistance. Technical seems to suggest it is overbought which present a good shorting opportunity.
Profit Target 1 0.90336 (23.6% Fibonacci Retracement)
On a weekly timeframe, we do observe a bearish engulfing candle, which seem to suggest the bulls are running out of steam. Additionally, it is also near the upper trendline and as of now it is still acting as a resistance coupled with Relative Strength Index at overbought territories. We should see some retracement in the coming weeks.
Entry Price – 26895.42