Overview:
Price has started to break down we seen strong bearish momentum with yesterday candles close. Price put in a strong rejection at previous resistance zone and is currently sitting under the 89EMA. What we can now expect to see is price continue breakdown further. RSI is starting to show some minor divergence and price now has the potential to put in a Head and Shoulders pattern. I will look for price to give us some pullback to the sell zone marked where I will look to enter a short position with targets 1 and 2 at level of structure marked. Alternately price may break down with no retracement if the minor trend line is broke.
Price has started to break down we seen strong bearish momentum with yesterday candles close. Price put in a strong rejection at previous resistance zone and is currently sitting under the 89EMA. What we can now expect to see is price continue breakdown further. RSI is starting to show some minor divergence and price now has the potential to put in a Head and Shoulders pattern. I will look for price to give us some pullback to the sell zone marked where I will look to enter a short position with targets 1 and 2 at level of structure marked. Alternately price may break down with no retracement if the minor trend line is broke.