Strong Resistance rejection - Shorting to 7,100

Jun 5, 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.