US100 has been quite bullish the previous week. Price has recently reached an area of resistance on the 1D chart and is showing strong rejections off it.
Price has now formed a more complex correction which could either be a continuation or a reversal.
Considering The overall trend, we could see price break higher as this could just be a breakout build up.
I'm more confident in a short position though.
When selling, we should look for any bearish signals and the highest probability one would be price testing the trendline for the third time.
Targets for shorts should be at the support below.
CURRENCYCOM:US100
Price has now formed a more complex correction which could either be a continuation or a reversal.
Considering The overall trend, we could see price break higher as this could just be a breakout build up.
I'm more confident in a short position though.
When selling, we should look for any bearish signals and the highest probability one would be price testing the trendline for the third time.
Targets for shorts should be at the support below.
CURRENCYCOM:US100