Good day everyone. We don´t have to be PROs to realize that the market has turned bearish once 1300 was broken. I have attached the weekly chart which suggests that the daily close below 1306 suggest a continuation of the sell off down to 1282 and possibly 1270 where I would expect a retracement back up to 129x. Inmediate resistance is now @1299 then 1306 and 1319.
My plan is to wait for the market to consolidate and if I feel confident then open a short postion @1298/99 targeting 1270. Going long at this point poses a risk of having a losing position for several days.
Relief rallies are not easy to predict now considering that there is not relevant data on the news calendar that could change the outlook short term.
My plan is to wait for the market to consolidate and if I feel confident then open a short postion @1298/99 targeting 1270. Going long at this point poses a risk of having a losing position for several days.
Relief rallies are not easy to predict now considering that there is not relevant data on the news calendar that could change the outlook short term.
thanks sir cesato, this is the second attempt to go the lower channel since the first retract back up to 1357
ReplyDeleteThank you cesar.
ReplyDeleteFound you sir
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteHi Sir Cesar. Finilly I found you.
ReplyDeleteSo for today we must wait and see? And your opinion still bearish?
Sell @1294, @1290, @1297 TP 1288 or 1286
ReplyDelete