Bearish Divergence being observed on the daily RSI for $SMH.
Dabbling into the use of Ichimoku for the first time for target setting.
Short Trade Idea for November
Entry between 132-135
Target 1: 130.21 (Tenkan)
Target 2: 125.30 (Kijun)
Not sure about the stop loss. Going ahead with buying November puts.
Gold should pull back here after hitting major resistance at 50% retrace from the all time high.
I'm bullish on gold long term. However, with the current overbought levels (RSI touching 85), its time for a pull back to confirm the highs from last 5 years as strong floor/support for the coming bull market.
(Thanking @markirvest for posting a similar idea with...