GN Store Nord - Short Term - We look to Sell at 361.40 (stop at 379.10)
The primary trend remains bearish. Previous support, now becomes resistance at 360.00. 50 1day EMA is at 373.00. Preferred trade is to sell into rallies. Expect trading to remain mixed and volatile.
Our profit targets will be 311.00 and 304.50
Resistance: 360.00 / 380.00 / 420.00
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Have been fighting with EMA15 on 1W chart earlier on. MACD-level loosing steam on 1D chart but still under 0. 4H just closed outside downtrend resistance. Would wait for a break of EMA180 at 1D and 4H chart.
Price failed to reach the down sloping median line (*), made a double bottom right at the Gartley completion and expected channel bottom, which also happens to be right at the .382 retracement from the 2011 Oct. low.
As long as this level is respected I would recommend keeping an eye out for any bullish setups.
A positive retest of the lower parallel could...
