Price is trending down on this weekly time frame. Price has recently retraced to a previous area of support and formed a bearish pin bar
. The bearish pin bar
indicates that sellers have taken control of price during the last week and may continue to push price downwards. Price is also trading in between the 10 and 20 moving averages and has also retraced to the 50% Fibonacci level. Entry can be placed half way of pin bar
, stop loss placed above pin bar
and target placed at next level of support. Reward is about 3:1.