Bulls are waking up slowly but they are not out of the woods yet. Today’s candle looks heavily bearish (right now, it can change until the close but I would be surprised) and sellers are going out to show their muscles again. Until $720 and then $750 level is broken up in some sustainable way I stay bearish. That means I’m not interested in a short-term buying and strategy is only to sell or wait.
Sell: now or up to 650 Stop-loss: 650 Take Profit: 565; 535; 500
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
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