This trade can really go both sides. On daily chart Ichimoku cloud have perfect long setup. Cloud twist with both kijun (base line, yellow) and tenkan (conversion line, green) showing bullish movement.
Moving averages are also lined up for long entry and that trend line resistance (gray dotted line) is now weaker than before. Only thing that is concerning is bad volume profile which shows weakness and supports down move.
We have overall bearish market so if big boys go down this one will follow. I would wait for retracement to finish before going long but with very tight stop loss and small position.
If price breaks the cloud and fall bellow 50 day MA than i will stay back and don't trade until we get better chance.
Moving averages are also lined up for long entry and that trend line resistance (gray dotted line) is now weaker than before. Only thing that is concerning is bad volume profile which shows weakness and supports down move.
We have overall bearish market so if big boys go down this one will follow. I would wait for retracement to finish before going long but with very tight stop loss and small position.
If price breaks the cloud and fall bellow 50 day MA than i will stay back and don't trade until we get better chance.