04-Hour Chart
30-Minute Chart
(CLICK ON THE CHART TO ENLARGE IT)I believe the bearish trend will resume, due to the following factors:
# Major triple top on daily at 167.75;
# MACD below the zero reference line, below its Moving Average and pointing down;
# RSI below the 50 reference line, below its Moving Average and pointing down;
# High on Nov. 23th below its 6EMA and way below the 24 and 62EMA´s
# Parabolic SAR still favouring the short
But what´s very hard for me today is to find my entry points for the short. One thing is for sure: whenever you enter your short position, watch for the bottom of the bullish channel (see blue up trendline) which is now at 159.40, pretty close to the Friday´s low at 159.47
I fell compelled to mention here my entry points, so here they are:
SHORT break 160.40 with STOP 160.55 and LIMITS 160.00 and 159.60
Add lots SHORT break 159.40 with STOP 159.60 and LIMIT 156.75
