Short action: Approaching the late 2017 supports.

13 Jun 2018

As seen on the chart, the price broke the 1W support (106.323) after a 2 day consolidation. This bearish break out on 4H has created a new Channel Down (MACD = -5.800, Highs/Lows = -7.8064, B/BP = -18.1400), parallel to May's main channel and has already crossed the Sep 2017 contact point. Given the oversold status on RSI = 20.428, STOCHRSI = 8.840, ADX = 80.343, Williams = -81.689, we expect sideways consolidation to take place within the red box (95.856 - 87.374) in an attempt to harmonize these oversold data. Our short TP set is: 87.514, 70.855.