Trade idea
After finding strong resistance near the 98.93 area, the index reversed and fell sharply. Overall, it is still trading above a short-term tentative upside line, but given that the price has distanced itself from that line quite a lot, there is a chance we could see a revisit of that line in the near term. But before examining further declines, we will wait for a confirmation break through the 98.00 hurdle first.
Please see the chart for details.
Don't forget your stop-loss.
After finding strong resistance near the 98.93 area, the index reversed and fell sharply. Overall, it is still trading above a short-term tentative upside line, but given that the price has distanced itself from that line quite a lot, there is a chance we could see a revisit of that line in the near term. But before examining further declines, we will wait for a confirmation break through the 98.00 hurdle first.
Please see the chart for details.
Don't forget your stop-loss.
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