US100: Next Sell Opportunity to Catch a Sharp Bearish Impulse
-INTRODUCTION-
US100 is currently moving in a downtrend. This index likes to consolidate within a horizontal channel before breaking down to reach a new low. From the chart, we can spot several horizontal channels formed from the new support levels. Observing closely, we can see that when the price has retraced and reached the top of the channel, it almost always fell sharply down to retest the previous low.
-TRADING PLAN-
US100 is moving in a downtrend and currently, the price is retracing from the yearly low. Our plan is to enter sell positions from the top of the horizontal channel, as we can see from the past price actions that when the price began to retrace from the new low, it has reached the channel high everytime. Therefore, our potential sell zone is set at the $12600 level. From that area, we will target the recent yearly low of $11700.
Check out our previous US Indices trading ideas below
US100 is currently moving in a downtrend. This index likes to consolidate within a horizontal channel before breaking down to reach a new low. From the chart, we can spot several horizontal channels formed from the new support levels. Observing closely, we can see that when the price has retraced and reached the top of the channel, it almost always fell sharply down to retest the previous low.
-TRADING PLAN-
US100 is moving in a downtrend and currently, the price is retracing from the yearly low. Our plan is to enter sell positions from the top of the horizontal channel, as we can see from the past price actions that when the price began to retrace from the new low, it has reached the channel high everytime. Therefore, our potential sell zone is set at the $12600 level. From that area, we will target the recent yearly low of $11700.
Check out our previous US Indices trading ideas below
