GU is showing clear signs of weakness at the moment. I had previously been stopped out on this trade to the pip right before the range breakout which was frustrating, but it happens.
Weekly MA's are to the downside, with the last weekly close forming a bearish tweezer top formation at monthly resistance. This indicates further downside momentum, as surely the bears are in control of PA at the moment?
Initial targets for this short;
Target 1 - 1.52 - Could possibly form a Higher Low here which causes a rally to either the TL or back to Monthly Res?
Target 2 - 1.51 - If a Higher Low doesn't form at 1.52 or the TL holds after the pullback.
Target 3 - 1.5 - This is my overall target at Monthly Support, my bias leads me to believe that price is heading here.
Happy trading!
Chartster
Weekly MA's are to the downside, with the last weekly close forming a bearish tweezer top formation at monthly resistance. This indicates further downside momentum, as surely the bears are in control of PA at the moment?
Initial targets for this short;
Target 1 - 1.52 - Could possibly form a Higher Low here which causes a rally to either the TL or back to Monthly Res?
Target 2 - 1.51 - If a Higher Low doesn't form at 1.52 or the TL holds after the pullback.
Target 3 - 1.5 - This is my overall target at Monthly Support, my bias leads me to believe that price is heading here.
Happy trading!
Chartster