Yesterday saw a rally in morning trade to 143.64, a level I missed as this was the 38.2% retrace of the losses from Thursday’s high. We posted a Shooting Star on the 30 minute chart at this high, then sold off to 143.07.
This is a tentative sign that the bears could have a say in coming sessions, and we’d be playing this to the short side on this basis, especially if 143.07 caps upside after what should be a weaker start.
142.64 needs to break to add weight to this idea, and at this time we would target 140.13, the 38.2% Fibonacci retrace of the rally seen since late November.
Trade: Sell at the 7am open, stop at 143.42, targets 142.70, 142.25, 141.55.
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