Description of Chart:
So we opened a short trade at 72.95 and it is now trading at 70.00 on the nose. It has taken around three weeks to get where we are and now I feel that it is poised to take a leg down to the 200MA which is lining up perfectly with previous supports at the 65.77 level. This could be a large play over the next two weeks. If you also look at how the candle has formed on the daily it looks to be forming a topping pattern (Head and shoulders) with an exhaustive candle yesterday. If you also look at the bollinger bands it looks like price is about to widen it out with a move to the downside.
Website: www.lukelehepuu.com
Take a look at my website. If you ever have any questions about trading you can become a member to get access to the live trading room where we talk about trading 24 hours of the day, even the weekends (some of us just love trading that much).
So we opened a short trade at 72.95 and it is now trading at 70.00 on the nose. It has taken around three weeks to get where we are and now I feel that it is poised to take a leg down to the 200MA which is lining up perfectly with previous supports at the 65.77 level. This could be a large play over the next two weeks. If you also look at how the candle has formed on the daily it looks to be forming a topping pattern (Head and shoulders) with an exhaustive candle yesterday. If you also look at the bollinger bands it looks like price is about to widen it out with a move to the downside.
Website: www.lukelehepuu.com
Take a look at my website. If you ever have any questions about trading you can become a member to get access to the live trading room where we talk about trading 24 hours of the day, even the weekends (some of us just love trading that much).
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