I keep testing different methods for stock trading. This time the idea is to sell the overbought market. The price bounces from 112.00 resistance zone. RSI confirms the price reversal not far from the overbought zone. The signal could be stronger if RSI could reverse in the zone. MACD histogram supports a possible downward movement.
As the market does not provide solid signals for selling, just a few of them, it's possile to wait for more confirmation or to use a small part of capital. Entry level should be below 111.00 level with stop above 114.50 level. The main profit target is at 100.00 level.
P.S. I don't advice to use this signal for trading as I'm searching for workable ideas on how to trade in stock markets. But for paper trading - this idea is good.
As the market does not provide solid signals for selling, just a few of them, it's possile to wait for more confirmation or to use a small part of capital. Entry level should be below 111.00 level with stop above 114.50 level. The main profit target is at 100.00 level.
P.S. I don't advice to use this signal for trading as I'm searching for workable ideas on how to trade in stock markets. But for paper trading - this idea is good.
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