Sell below 134.15. Stop loss at 134.92. Take profit at 132.01.
Reason for the trading strategy (technically):
Price continues to test major channel resistance and we look to sell below this level of resistance (Swing high resistance, channel resistance, Fibonacci extension) for a short term correction to at least 132.01 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,3,1) is dropping nicely from our 96% resistance level with good downside potential.
Reason for the trading strategy (technically):
Price continues to test major channel resistance and we look to sell below this level of resistance (Swing high resistance, channel resistance, Fibonacci extension) for a short term correction to at least 132.01 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,3,1) is dropping nicely from our 96% resistance level with good downside potential.