Another break & retest 📉
Looking at the weekly time frame we're still in a bearish condition
Level 32800 was broken & a retracement to this level has been met with strong rejections from 1W to the 5M
The 1D clearly indicates this with a bearish engulfing pattern together with rejecting our 50 EMA
*Note 🗒 32800 is a major significance level which which have been seen holding as support & resistance on previous multiple times.
Pulling out the fib from 33600 lower high to the lower low of 31425
We can again see that the golden zone of 0.5 & 0.618 has been rejected & its again on the previous support turned resistance zone of 32800
Stops can be just above the zone but differ individually depending on risk tolerance.
once price beaks above 32860 the trend has changed and one can look for buys
TP:don't shoot for the moon 🎑
Can take one at 31425 but I'm personally targeting 30086 even tho we have a clean traffic 🚥 that can melt all the way down 👇🏾 to 28617
Clearly you cant get any more cleaner confirmations to go short than that 🤷🏻♂
Happy trading ya'll
Looking at the weekly time frame we're still in a bearish condition
Level 32800 was broken & a retracement to this level has been met with strong rejections from 1W to the 5M
The 1D clearly indicates this with a bearish engulfing pattern together with rejecting our 50 EMA
*Note 🗒 32800 is a major significance level which which have been seen holding as support & resistance on previous multiple times.
Pulling out the fib from 33600 lower high to the lower low of 31425
We can again see that the golden zone of 0.5 & 0.618 has been rejected & its again on the previous support turned resistance zone of 32800
Stops can be just above the zone but differ individually depending on risk tolerance.
once price beaks above 32860 the trend has changed and one can look for buys
TP:don't shoot for the moon 🎑
Can take one at 31425 but I'm personally targeting 30086 even tho we have a clean traffic 🚥 that can melt all the way down 👇🏾 to 28617
Clearly you cant get any more cleaner confirmations to go short than that 🤷🏻♂
Happy trading ya'll