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On the H1 chart, we have a strong resistance zone that has formed and the price which was moving higher reached this strong resistance zone respected it, moved lower from this zone. We also had a bearish divergence that has formed between the first high that has formed at 19645.5 and the second high that has formed at 19653.1 based on the MACD indicator, we may consider this as evidence of bearish pressure. The price then moved lower and broke below the most recent uptrend line, which we may consider as another evidence of bearish pressure. In addition to this, the ADX indicator gave bearish signal at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bearish pressure. So based on all these my view is bearish here and I expect the price to continue lower further after pullbacks until the strong resistance zone holds.
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team.
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