False break-out. Bearish continuation intact. Short.

2 thg 8, 2018

Last week's bullish break-out proved to be false, as the price jump and breaking of the 1W Channel Down (RSI = 47.541) formation was only a false extreme on High Volume. It is possible that a new, less aggressive, 1D Channel Down has emerged (dotted parallel lines), although another Lower High/ Lower Low confirmation is required). In any case the underlying trend remains bearish on both 4H (RSI = 36.066) and 1D (RSI = 40.564) but on notable low negative MACD, Highs/Lows, B/BP. The 0.0311151 support is the real test, which if broken will hit our first TP = 0.030110 (March 09 contact point). 0.023083 remains the extension.