Trading is muted as most traders are off their desks to celebrate the New Year.
Technical Trend is Bearish
The very short-term trend is bearish below December 29 high at $14.05 and it would be fair to expect price to range trade today, but to ultimately reach $13.75 and $13.59 next week. However, as the trend of the daily-time-frame is sideways to bearish I would not place too much trust on the short-term levels of the 30 minute time-frame seen below. The reason for this is that price may break the levels seen below without it changing the overall trend. The trader would therefore be stopped out for a real reason. With the lack of a trend I prefer the more stable daily time frame.
Short-term traders wanting to trade the short-term charts will most likely turn bullish on a break to the December 29 high of $14.05. In this scenario I see prices reaching $14.25 and then $14.40.
Get ahead in 2016 – Read The Traits of Successful Traders Guide
Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano
--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com
Contact and follow Alejandro on Twitter: @AlexFX00
Learn more about trading and join a London Seminar
To be added to Alejandro’s e-mail distribution list, please fill out this form
