Short
The price failed to reclaim the recent high at $158.87 and closed below the previous higher high. It also closed below EMA21, EMA55 and ascending trendline.
All momentum indicators enter the bear zone and lines are pointed to the downside. The similar price set up happened on the 17th July 2024 (blue vertical line in the chart) and it was followed by a sharp price fall.
I opened a short position at $154.55. Stop loss is placed at 156.80 (just above EMA 21) and the initial target is $151.40. Risk:Reward is roughly 1:1.75.
All momentum indicators enter the bear zone and lines are pointed to the downside. The similar price set up happened on the 17th July 2024 (blue vertical line in the chart) and it was followed by a sharp price fall.
I opened a short position at $154.55. Stop loss is placed at 156.80 (just above EMA 21) and the initial target is $151.40. Risk:Reward is roughly 1:1.75.
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