Sell below 9175. Stop loss at 9464. Take profit at 7821.
Reason for the trading strategy (technically):
We see price testing its major resistance at 9175 (, 76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing high resistance) where we expect price to react off it, pushing it to its support at 7821 (50% Fibonacci retracement, horizontal pullback support). We do have to be cautious of the intermediate support at 8513 (100% Fibonacci extension, 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) tested its resistance at 96% where a corresponding reaction is expected.
Reason for the trading strategy (technically):
We see price testing its major resistance at 9175 (, 76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing high resistance) where we expect price to react off it, pushing it to its support at 7821 (50% Fibonacci retracement, horizontal pullback support). We do have to be cautious of the intermediate support at 8513 (100% Fibonacci extension, 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) tested its resistance at 96% where a corresponding reaction is expected.