Daily: downtrend
1) price has just hit an ongoing downtrend resistance line
2) 62 period EMA acting as a dynamic resistance line
3) Stochastic indicator currently in overbought conditions
4-hour chart:
1) double top formed during uptrend. Reversal signal so next move is down.
2) 3 black crows bearish candle formed
3) 5 period EMA currently pointing down, and stochastic indicator has left overbought conditions with strong selling momentum
1) price has just hit an ongoing downtrend resistance line
2) 62 period EMA acting as a dynamic resistance line
3) Stochastic indicator currently in overbought conditions
4-hour chart:
1) double top formed during uptrend. Reversal signal so next move is down.
2) 3 black crows bearish candle formed
3) 5 period EMA currently pointing down, and stochastic indicator has left overbought conditions with strong selling momentum
khaim
Lovely analysis! If price breaks the trend line are you changing your bias?
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ShaunBC
khaim
@khaim, Depending on the strength of the breakout, but unlikley I would change my bias. Good supporting evidence for the continuation! God speed fellow trader!
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