Trade idea: Bounce before Drop. The technical configurations favour a drop on the market after an initial bounce to selling levels.
Details: The market is downside oriented today. However, before we expect an acceleration to the downside, the market will shape an intermediate recovery. We advise to play this bearish strategy when the market approaches the initial recovery level at 1876, and as long as the market does not go above 1891. Once we see the selling level at 1876, we then anticipate a direct drop to 1821. Sell close to 1876 to play a drop to 1821. The invalidation level of this trade idea is at 1891.
Sell GOLDDEC11
Entry: 1,876.00
Target: 1,821.00
Stop loss: 1,891.00
Details: The market is downside oriented today. However, before we expect an acceleration to the downside, the market will shape an intermediate recovery. We advise to play this bearish strategy when the market approaches the initial recovery level at 1876, and as long as the market does not go above 1891. Once we see the selling level at 1876, we then anticipate a direct drop to 1821. Sell close to 1876 to play a drop to 1821. The invalidation level of this trade idea is at 1891.
Sell GOLDDEC11
Entry: 1,876.00
Target: 1,821.00
Stop loss: 1,891.00
