Gap down but expect a recovery tomorrow.

24 Apr 2018

We have a nice downtrend going which should meet a huge support tomorrow at 9.90. This is also a big support on the daily and weekly. I will be watching this level as it should be a good support. This would be a buy on a touch, bounce and then a retest. I would get in here and risk 20 cents with a stop at 9.69. Further to that you will have a bottom fishing play at 9.50 and if that doesnt hold an RSI bounce should kick in around 9.00. In my opinion the worst should be over and I expect a decent recovery today or tomorrow where we could see 11.00 again by the end of the week.