Anticipating price action rejecting previous resistance at 67.00 given the bearish diversion visible on the RSI and MACD readings, as price squeezes into a rising wedge. If analysis is correct, we should see a break of trend line support, given the lower highs in RSI, and move down to 64.70 the next level of meaningful support. If target 1 (64.70) is met, the next level of major support is 63.00 the 23.6% fib and previous structure highs.
A close of a 4hr candlestick above 67.50 invalidates this analysis, which leaves a healthy risk to reward ratio for short entries in the 66.75 to 67.00 range.
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Drito
A close of a 4hr candlestick above 67.50 invalidates this analysis, which leaves a healthy risk to reward ratio for short entries in the 66.75 to 67.00 range.
Follow me on instagram @ndrito
Happy trading!
Drito