This instrument has been trending down for the past 6 weeks.
Price has retraced to the 38.2% fib level of the ;last move down from a high of 88.60 to a low of 82.45
Chart below
Price has found resistance at 84.35 and a double top formation is in play.
Price has broken down through the averages and I am looking to enter short on a pull back to the averages with an overbought stochastic.
Entry levels and chart below
Entry: 83.95
Stop: 84.15
Target 82.95
Price has pulled back but the stochastic is still not at the correct level.
If this is the case I may hold off the short until I see confirmed resistance at my entry level.
I will update if and when a trade is entered.
Regards
Scott
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