Trade Idea
Broken out of the Head and Shoulders formation to the downside.
We have a 38.2% Fibonacci pullback level of 11773 from 12598 to 11263.
The trend of higher lows is located at 11761.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
We look to Sell at 11770
Stop: 11820
Target 1: 11560
Target 2: 11450
Broken out of the Head and Shoulders formation to the downside.
We have a 38.2% Fibonacci pullback level of 11773 from 12598 to 11263.
The trend of higher lows is located at 11761.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
We look to Sell at 11770
Stop: 11820
Target 1: 11560
Target 2: 11450
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