Price approached the battle zone around $500 in the last days. And although it bounced off of $530 twice, no higher highs were made. That’s why I think a sellers’ pressure will continue and we could see the support testing at least again this week. Not interested in a short-term speculative buying. A long-term one would be completely other question.
Sell: Now or up to 670 SL: 674 TP: 550; 530; 500; 450
Buy: 674 Stop-loss: 660 Take Profit: 700; 720
A long time expected break down through the $750 level finally happened a few days ago and there is technical potential for the price to attack at least $500 near-term maybe $400 mid-term. The price gets slowly into a very strong support zone created by two support trendlines just above $500 and this strong psychological barrier itself, though $380 appears to be much more important level.
If you’re not in a short position yet you can open it right now and up to $750. To stick to my trading system you can also open some short below $666 with stop-loss at $723. First possible profit take at $625, second one at $580. I am not interested in opening a long trade, though if you really want to then enter above $756 with stop-loss at $720 and profit take at $780-90. This week looks as one of those easy ones.
Still no higher highs on a bigger timeframes so my trading bias stays down.
Sell: 810 Stop-loss: 835 Take Profit: 803; 793; 782
Buy: 835 SL: 820 TP: 842; 848; 870
Market situation of the last weeks hasn’t changed. There is going to be a sell pressure until the price breaks above $850. The falling wedge is still in play, break below $760 could result into more sell orders, therefore quick price decline and finally some decent profit.
Sell: 811 Stop-loss: 824 Take Profit: 780; 770; 720
Buy: 838 SL: 819 TP: 842; 848; 895
The support zone of $750-780 has been tested for three times in the previous two weeks and it has resisted though with a lower high bounces. What can’t go down must go up and the situation looks so right now after breaking up the bearish price formation. The move up should be confirmed by a higher highs and getting above the $850.
Buy: 840 Stop-loss: 810 Take profit: 898
Sell: 795 SL: 815 TP: 767; 755
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