REASONS-
1) Daily & weekly trend down as per 200 ema and ichimoku.
2) Upper trendline likely to act as resistance and many traders will book profits there and many will open short positions there.
3) Many newbies are likely to enter after seeing a upside breakout hence fueling the sell orders when they get stopped out.
4) We could have entered on the horizontal resistance but it's so obvious that stop hunting may occur.
Kindly trade at your own risk.
Good Luck ^_^
1) Daily & weekly trend down as per 200 ema and ichimoku.
2) Upper trendline likely to act as resistance and many traders will book profits there and many will open short positions there.
3) Many newbies are likely to enter after seeing a upside breakout hence fueling the sell orders when they get stopped out.
4) We could have entered on the horizontal resistance but it's so obvious that stop hunting may occur.
Kindly trade at your own risk.
Good Luck ^_^
