Sell below 130.04. Stop loss at 130.72. Take profit at 129.13.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target really nicely. We prepare to sell below major resistance at 130.04 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 129.13 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 91% and we expect a strong corresponding reaction off that level.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target really nicely. We prepare to sell below major resistance at 130.04 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 129.13 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 91% and we expect a strong corresponding reaction off that level.