Break and retest? Possible Short trade idea
Price has recently broken out of consolidation to the downside.
Price has now retraced to retest former support, which I anticipate acting as resistance. There is confluence with the 38.2 fib and the 20EMA.
~1:1 RR for conservative targets at $62 - $62.20s
Full extension of the move could see a retest of the lows from 12/06 around the $59.40s
Price has now retraced to retest former support, which I anticipate acting as resistance. There is confluence with the 38.2 fib and the 20EMA.
~1:1 RR for conservative targets at $62 - $62.20s
Full extension of the move could see a retest of the lows from 12/06 around the $59.40s