Sell below 8349. Stop loss at 9103. Take profit at 6426.
Reason for the trading strategy (technically):
We see price testing its descending resistance line where we look to sell on strength at 8349 (100% Fibonacci extension, 38.2% Fibonacci retracement). We expect prices to fall to its support at 6426 (horizontal swing low support). We do have to be cautious of the intermediate support at 7518 (horizontal pullback support).
Stochastic (34, 5, 3) is approaching its resistance at 94% where we expect to see a corresponding reaction.
Reason for the trading strategy (technically):
We see price testing its descending resistance line where we look to sell on strength at 8349 (100% Fibonacci extension, 38.2% Fibonacci retracement). We expect prices to fall to its support at 6426 (horizontal swing low support). We do have to be cautious of the intermediate support at 7518 (horizontal pullback support).
Stochastic (34, 5, 3) is approaching its resistance at 94% where we expect to see a corresponding reaction.
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