Strong Resistance rejection - Shorting to 7,100

5 Jun 2018

It is now completely clear that after the price was rejected off the first important 1D Resistance at 7,828.70, the 4H Channel Up broke downwards (Highs/Lows = -135.4875, BBP = -265.8520), due to the significant selling pressure applied by the 1D Channel Down (RSI = 40.435, MACD = -280.400) on the resisting (dotted) trend line. We are shorting now (TP = 7,100), with every spike to 7,923.60 (however unlikely at this point) used as a short entry. Breaking of 7,000 will see us short again for the 6,446.20 support on 1W.