Retested and bounced off from the support at 18. The trend remains downward bias but as long as the support at 18 holds up, it will likely just consolidate around this level and a possible rebound may follow.
*Bullish Divergence on RSI.
Trading Plan
- Potential Buy near support.
- Watch the immediate resistance around 18.9/19. A breakout calls for a hold otherwise, sell.
- Tight stop (stop-loss) near 200MA or just below 17.7. Risk reward ratio could only be around 1:2 / 1:3 in the short term.
- Next support at 17.
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