TRENT
is looking weak on weekly chart as it has made a bearish engulfing candle. Also closing below 20 EMA on weekly. Looking for 1279 ( 50 EMA weekly support ). If a close comes below this, we can 1256 & 1231 on downside. SL is relatively small of 1345 which is Friday's high. Better to short this in cash and not play in options cos one spike can take away your SL in option trade or a slow move might decay the option premium. Expecting this to move slowly on downside
Let's see how the story develops. Best wishes!
Disclaimer -
- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
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TIA!
Trade active:
1344 to 1292 in 2 trading days and going good. Looking forward to T1 and T2 levels.
Trade closed: stop reached:
Low made of 1288 and target missed by 9 points. Also SL hit of 1345 and trade failed. Closing this trade