Quantafuel : Hanging man posted at previous failure levelQuantafuel - Intraday - We look to Sell at 32.10 (stop at 34.50)
The hanging man candle on the daily chart is negative for sentiment. Price action has continued to trend strongly higher and has stalled at the previous resistance near 33.04. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. We look for a temporary move lower. The upward trending support line should provide the ideal target and fade level as medium term bulls build positions into the current weakness.
Our profit targets will be 24.90 and 22.85
Resistance: 33.04 / 34.32 / 36.40
Support: 26.50 / 24.90 / 22.85
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