A+ BEARISH candlestick signal

STOP LOSS: 46.77
TAKE PROFIT: 42.56
Risk-reward: 2.17

Longer term trend: Sideways
Current trend: Bearish

General comments:
Bearish movements seen at the end of Jan-18 with recent low being around $42.5. Price then moved higher till current price whereby it faced strong resistance - a strong daily resistance which coincides with the 50% retracement of the bearish move.

An optimal entry is a few cents lower than the low of the bearish pin bar, which is highly probable to happen.

What I like:
1) Reversal pattern happens in close proximity of strong resistance, meaning stop-loss can be tactically close-by.
2) Grade A+ reversal from a candlestick technical standpoint - excellent 3 bar reversal and pin bar closes very close to the low and below the resistance.
3) Trade is with the current trend.
4) Should the target price be triggered, a head and shoulder pattern will be confirmed. This means another shorting opportunity and to carry our trade even further lower.

Other things to note:
If trade is triggered, it will likely last for a few weeks to about a month.

*A probable head and shoulder chart pattern seems to be in the making. I will be keeping an eye in the foreseeable future.

*Do support by liking and following! All suggestions/feedback welcome!

x,
iskfx