Last week the price broke upwards the line that had been holding as resistance for the last few weeks. However, a bearish descending triangle has formed and coinciding with the opening of the US market and the news of stimulus in different sectors the price has broken the triangle indicating a possible continuation of the downtrend.
For our entry we will wait for a small pullback to the previous support level that has now become a resistance. However with the increase in volatility we will need to be careful once it reaches our desired level. In case of a strong breakout to the upside we would wait until the next opportunity, as our mindset would change completely.
For our entry we will wait for a small pullback to the previous support level that has now become a resistance. However with the increase in volatility we will need to be careful once it reaches our desired level. In case of a strong breakout to the upside we would wait until the next opportunity, as our mindset would change completely.