Technical analysis by AMEGA - Opinion
Medium-term trend: Bearish
The bear market is continuing. The price has already reached the target zone №1 1203.35-1199.95 and now it’s near the zone. It’s recommended to wait any corrective movement and after again try to have a short position from the resistance zone 1209.58-1208.73 (93 points from current minimum) or from the control resistance zone 1218.93-1217.23 (187 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.
It’s recommended to wait any corrective movement and after again try to have a short position from the zones with using the pattern «Head&Shoulders» at least on timeframe M15.
The control resistance zone and resistance zone are constructed from the current minimum. If this minimum changes by n points the zones should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.
All zones are constructed on the basis of data from the CME futures market.
Internal border – Maintenance margin size in points
External border – Initial margin in points
Control resistance zone – the half from the target zone
Resistance zone – the quarter of the target zone
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It’s recommended to try to have a short position near the control resistance zone 1.14786-1.14694 (100 points from current minimum)with using the pattern «Head&Shoulders» at least on timeframe M15.