Fresnillo – Double top breakdown
Fresnillo is down 3.61% today and is a top FTSE100 loser.
The daily chart shows –
• Double top breakdown
• Money flow index approaching oversold region for the first time since November 2015
• RSI is approaching oversold region for the first time since July 2015
Overall, prices appear on track to test 1500 levels (100-DMA), although a minor pull back once indicators hit oversold territory cannot be ruled out.
Bearish invalidation is seen only once prices see a daily close above neckline level of 1738 levels.
The daily chart shows –
• Double top breakdown
• Money flow index approaching oversold region for the first time since November 2015
• RSI is approaching oversold region for the first time since July 2015
Overall, prices appear on track to test 1500 levels (100-DMA), although a minor pull back once indicators hit oversold territory cannot be ruled out.
Bearish invalidation is seen only once prices see a daily close above neckline level of 1738 levels.
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