Relief bounce soon.
After the weekly closed below/ got rejected by the 20MA resistance, it was bound to plunge. the next strongest support will be 200MA at $200. i will be placing a bid there hoping for a double btm relief bounce. Closing above the 200EMA will also confirm the completion of the ABC correction wave. NFA. This trade requires some time. be patient.
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102539156 Dan : Support at? Buy or hold? Any suggestions?
Kaisaurus OP 102539156 Dan : The market is constantly moving. Hence, the EMA varies, I will probably be placing a bid at 198 hoping for a wick down. Market reaction is impt too. If the bounce is weak, I will look to cut it. Hence, I can’t advise on the latter. I can only advise on the optimal entry point. TP & SL etc. should be based on individual risk capacity and capital point of view. NFA.