RSI: Shows overbought conditions around the entry point, supporting the decision to sell. MACD: Indicates a potential bearish crossover, further validating downward momentum. Stochastic Oscillator: Also indicates an overbought level, strengthening the bearish case. Chart Patterns:
A Bearish Pennant has been identified before this position. This pattern is typically a continuation of a downward trend. There’s a rejection near the resistance zone, which aligns with the sell entry point.
Recommendations:
Monitor RSI and MACD: Any divergence or weakening bearish momentum should be a cautionary signal. Adjust SL if needed: If the trade moves in your favor, consider trailing the stop loss to lock in profits.
Market Conditions: Keep an eye on high-impact news or fundamental factors that could disrupt technical levels.