Trade Idea
Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned.
The bearish engulfing candle on the daily chart is negative for sentiment.
Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible.
Rally capped by the daily Ichimoku Cloud.
Further downside is expected although we prefer to sell into rallies close to the 56.00 level.
We look to Sell at 56.00
Stop: 56.50
Target 1: 54.50
Target 2: 53.50
Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned.
The bearish engulfing candle on the daily chart is negative for sentiment.
Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible.
Rally capped by the daily Ichimoku Cloud.
Further downside is expected although we prefer to sell into rallies close to the 56.00 level.
We look to Sell at 56.00
Stop: 56.50
Target 1: 54.50
Target 2: 53.50
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