BMW Short - Expecting big drop below 49
Updated
just now
This is some major support at 49. it looks like it wants to go trough it, testing it multiple times.
We have had a nice retrace up to 52 and is encountering it's downtrend since the crash in march.
This downtrend is strong, and with the crash in oil it is draging the markets down.
We having a negative RSI divergence indicating a price drop.
BMW, just like many other markets, broke it's uptrend. really bearish.
We can defenitly see BMW at 45, depending how hard this crash or reaction is, much lower.
This is some major support at 49. it looks like it wants to go trough it, testing it multiple times.
We have had a nice retrace up to 52 and is encountering it's downtrend since the crash in march.
This downtrend is strong, and with the crash in oil it is draging the markets down.
We having a negative RSI divergence indicating a price drop.
BMW, just like many other markets, broke it's uptrend. really bearish.
We can defenitly see BMW at 45, depending how hard this crash or reaction is, much lower.
Trade active
In the very last minute off trading, BMW fell to it's lowest point intraday and closed there. Meaning someone put out a huge sell order.Note
It clearly went back above it's uptrend, failed to stay below 49 and at current time, is back above it's uptrend. Depending on it's continuation, could go back to the 64-68 level.Trade active
at 61.82 it found resitence. Retested the 59 red line areaWill probably retest 48.50. So look for a short entry
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