CFR - Backtest of doom?
Looking at the Richemont, we may derive the following from the weekly chart:
1. CFR is at a notable resistance level where price has slowly started to reject the previous trend line. (The backtest)
2. We are seeing a correction pattern in play.
3. I am favouring a move to downside in the near future.
4. If the backtest holds, bears will bring the price down.
5. As always - maintain your risk management.
Let's see what happens.
Note: The views provided herein do not constitute financial advice.
1. CFR is at a notable resistance level where price has slowly started to reject the previous trend line. (The backtest)
2. We are seeing a correction pattern in play.
3. I am favouring a move to downside in the near future.
4. If the backtest holds, bears will bring the price down.
5. As always - maintain your risk management.
Let's see what happens.
Note: The views provided herein do not constitute financial advice.
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