Short potential based off of strong resistance
Previous rally failure to break 53 indicating strong resistance + previous resistance break attempts - I believe based on Fibonnaci retracements on the previous downtrend and the established trend support lines the price will retrace to 49.55 or 50.4. The trader should put stop-loss's at 53.50 due to strong historic resistance and should add to their position if the price retraces pass 50.4 mark.
RSI indicates near oversold market and based off of RSI trend price will steadily drop to below the 60 to center 50.
Stoch RSI switch over the 80 mark indicates short potential as-well.
My first idea, be gentle and please if you find any flaws or better ideas, comment so that I may learn :)!
RSI indicates near oversold market and based off of RSI trend price will steadily drop to below the 60 to center 50.
Stoch RSI switch over the 80 mark indicates short potential as-well.
My first idea, be gentle and please if you find any flaws or better ideas, comment so that I may learn :)!
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