BTI has hit upper blue resistance where it was rejected, price can be expected to find support around current price level, however any swing highs from then on are worthy of a short entry. The pivot that forms will guide re-entry after taking profits. If price breaks below R634.01 (29 September low) then the downtrend should persist into 2023 & gives confidence to hold a higher short position.
The lower pink trendline is a price objective for fully exiting short position.
The lower pink trendline is a price objective for fully exiting short position.
Note
BTI has gone below the low of 3 January 2023, adding evidence of a profitable short position while RSI has persisted with negative divergence.Trade closed: target reached
Price is within time window for a reversal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.