• A Rising Wedge has most likely completed the up leg from the February low

  • The bearish cross of the MACD is confirming a top
  • Today´s Large engulfing candlestick with the loss of the 10 and 20 dma is strongly suggesting the kick off of a pullback
  • Price is likely heading to test the “strong” support at 83.70 which coincides with the 0.382 retracement of the advance from the February low. If it does not hold probably the current decline could extend towards the 0.618 retracement where in addition we have a gap that can be filled in the range 77.70-77.60
  • I am short with a stop above today´s hod

 

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