I will be looking for a short tomorrow on any bounce.
Bearish marubozo daily candle with a rejection of the 200DMA, cutting through the 50DMA(green) then 20DMA(yellow) like butter and on monster volume. Not good! High probability of downside continuation tomorrow & the 20 + 50 DMAs will now flip from support to resistance.
Downside price target: Major area of support/confluence at 136.50.
While this is in my opinion the most probable scenario, let's scenario cast a few others:
Potential bullish scenarios (neither which is likely to me!)
1.) A gap-up tomorrow then tight trading range day creating a bullish harami.
2.) Further initial continuation tomorrow followed by bulls pushing back hard creating either a hammer or pinbar daily candle signaling a potential bounce to the 2 major moving average resistances.
Bearish marubozo daily candle with a rejection of the 200DMA, cutting through the 50DMA(green) then 20DMA(yellow) like butter and on monster volume. Not good! High probability of downside continuation tomorrow & the 20 + 50 DMAs will now flip from support to resistance.
Downside price target: Major area of support/confluence at 136.50.
While this is in my opinion the most probable scenario, let's scenario cast a few others:
Potential bullish scenarios (neither which is likely to me!)
1.) A gap-up tomorrow then tight trading range day creating a bullish harami.
2.) Further initial continuation tomorrow followed by bulls pushing back hard creating either a hammer or pinbar daily candle signaling a potential bounce to the 2 major moving average resistances.
Comment:
Did not get the bounce I wanted for entry but this will be going straight to 136.50!