Structure: Resistance levels
Plan: We have seen price bounce of horizontal resistance a few times. We now look to take a short down to previous low.
Please be aware there is also a point of resistance above, hence price could breakout and retest higher resistance before continuing the bearish trend.
RSI/MACD confirmation necessary before entry.
The Relative Strength Indicator (RSI) simply shows the strength of a trend, even when prices were increasing during January to April, the RSI showed a decreasing strength of the trend, its a reversal signal, that prices where about to reverse downward, this type of signal are good to know whether there may be a reversal in the trend. But we could see that since...