IBEX35 30 minute chart.
We see the red dotted traversing resistance line (once a support level) coming into play here. This level has disciplined the price (since 2012) whenever price has come into contact with it and has controlled price action steady through the last 8 years.
We go short as stochastic (not shown) is in overbought territory and we're hitting both the red dotted long-term resistance line and the regular resistance line of 9809.1. I also see what looks to be a bearish butterfly pattern formation. As always, wait for price action (to sell, in this case), and manage your risk.
Have a great Friday trading, and enjoy the weekend. Best wishes.
All comments welcome.
We see the red dotted traversing resistance line (once a support level) coming into play here. This level has disciplined the price (since 2012) whenever price has come into contact with it and has controlled price action steady through the last 8 years.
We go short as stochastic (not shown) is in overbought territory and we're hitting both the red dotted long-term resistance line and the regular resistance line of 9809.1. I also see what looks to be a bearish butterfly pattern formation. As always, wait for price action (to sell, in this case), and manage your risk.
Have a great Friday trading, and enjoy the weekend. Best wishes.
All comments welcome.