This idea was published to the client platform in the last 1/2 hour. For more research insights, including trade ideas, get in touch today.
This idea is with reference to my comment via video on Tuesday 27-Dec-2022 ( link omitted to comply with Trading View house rules ). Key drivers for a short to medium term sell trade: (1) Overbought rating on 3-day, 7-day & 14-day as well as the 3-month RSI which shows the share being extended on the upside. (2) The share has retraced to above the 61.8% Fibonacci retracement level. (3) Trading above the prior supply/breakdown level. (4) Extended well above the 20/50-EMA Range. (5) Trading more than 2x the mean over 200 day (linear regression channel). Today, failure to retain it's position above 37300c would further support a bearish reversal.
TRADING LEVELS:
Entry: 37394
Target: 34800
Stop-loss: 39200
This idea is with reference to my comment via video on Tuesday 27-Dec-2022 ( link omitted to comply with Trading View house rules ). Key drivers for a short to medium term sell trade: (1) Overbought rating on 3-day, 7-day & 14-day as well as the 3-month RSI which shows the share being extended on the upside. (2) The share has retraced to above the 61.8% Fibonacci retracement level. (3) Trading above the prior supply/breakdown level. (4) Extended well above the 20/50-EMA Range. (5) Trading more than 2x the mean over 200 day (linear regression channel). Today, failure to retain it's position above 37300c would further support a bearish reversal.
TRADING LEVELS:
Entry: 37394
Target: 34800
Stop-loss: 39200