Price is facing bearish pressure as it holds below both the descending trendline resistance and Ichimoku cloud, in line with our bearish bias. We could potentially see a further downside as price is testing our 1st resistance at 76.157, in line with our horizontal overlap resistance, 38.2% Fibonacci retracement and 100% fibonacci extension. A break below our downside confirmation level at 75.880 could provide the bearish acceleration to our first support target. RSI is showing a bearish breakout as well, in line with our bearish bias.

Trading Recommendation

Entry: 76.157

Reason for Entry:

horizontal overlap resistance, 38.2% Fibonacci retracement and 100% fibonacci extension

Take Profit: 75.471

Reason for Take Profit:

horizontal swing low support

Stop Loss: 76.395

Reason for Stop Loss:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance