ORCL
ORCL entered a Sideways range Sept.’21 after trend was broken. The sideways trend lasted until Jan’22
Jan.’22, price broke down from range. The sideways range was deemed a Distribution stage. A downtrend was to follow.
On the breakdown, price made a low of 72 and we also saw a death cross between 50 and 200 ema. This further confirmed the bearish conditions.
After a pullback to resistance, price made another move down and broke below the low of 72 and made a lower low at 66. The Downtrend has now been confirmed.
Currently, price has pulled back to the previous low of 72. Yesterday’s candlestick closed as a shooting star at this resistance level. This will be my cue to enter trade short.
Entering trade short
Entry: 72.86
Stoploss: 77.07
Target: 61.15, 16.07%, 2.78 RR ratio
ORCL entered a Sideways range Sept.’21 after trend was broken. The sideways trend lasted until Jan’22
Jan.’22, price broke down from range. The sideways range was deemed a Distribution stage. A downtrend was to follow.
On the breakdown, price made a low of 72 and we also saw a death cross between 50 and 200 ema. This further confirmed the bearish conditions.
After a pullback to resistance, price made another move down and broke below the low of 72 and made a lower low at 66. The Downtrend has now been confirmed.
Currently, price has pulled back to the previous low of 72. Yesterday’s candlestick closed as a shooting star at this resistance level. This will be my cue to enter trade short.
Entering trade short
Entry: 72.86
Stoploss: 77.07
Target: 61.15, 16.07%, 2.78 RR ratio
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