An engulfing candle whilst oversold and above the 50 sma indicates price may make new lows. Forming on weekly resistance as well as a 61.8 retracement adds more confluence to this trade. I am targeting price to move back to Monthly support which is also a -38.2 retracement.
Note
I meant to say overbought not oversold.Note
Stopped out
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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.