Trade view /
5 minutes ago
Three monthly failures within the past year have resulted in upside price action being capped. An evening doji star formation looks possible if prices remain pressured into the end of this month.
The weekly chart highlights a break of the upward trending support (ascending triangle) which leads to a further potential move lower.
The daily chart shows this more clearly and is the basis for today’s medium term trade idea. A 5th wave target, the June swing low and the yearly low offer potential targets.
With prices approaching oversold levels, there may be potential to sell into rallies at better risk/reward levels.
Entry: Sell at current levels and a rally to 141.50
Stop: A break above 142.50 (moderate) or 143.65 (aggressive)
Target: 139.40, 138.65 & 137.60
Time horizon: 6 weeks
Monthly chart showing resistance barrier
Weekly chart showing upward trending break of support
Daily chart with trend line break and support targets
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