As can be seen the price recently broke out downwards out of a broadening wedge. The price has retested the previous support, and if it will hold as a resistance, this will make for a nice short. Also note the bearish cross of the EMA 50 and EMA 200. Stop loss is set to around where the EMA lines are, and target price based on previous support level.
Trade closed: stop reached
The stop was reached on the initial trade. Guess that previous support was an even weaker resistance. Still a possibility for a short on the rejection from EMA 50. Will watch SRSI for this.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.