Be careful of Drop bears in Australia
Updated
There are multiple sign of a bearish movement that include :
- ABCD bearish pattern
- Closing Below a Resistance Level
- Hitting the Top of the channel
- RSI and Price Divergence
While I will have to see what the price open at on monday to make a proper entry I'm going to aim for a 2/1.
Entering around the middle of the channel which should line up with the 0.38 fibo retracement of the latest move and a smaller support level.
Will update Idea further
- ABCD bearish pattern
- Closing Below a Resistance Level
- Hitting the Top of the channel
- RSI and Price Divergence
While I will have to see what the price open at on monday to make a proper entry I'm going to aim for a 2/1.
Entering around the middle of the channel which should line up with the 0.38 fibo retracement of the latest move and a smaller support level.
Will update Idea further
Note
+1 bearish signThe latest top candle was an upside down hammer showing the strength of sellers
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