Daily engulfing candle whilst oversold a potential lower low.

An engulfing candle whilst oversold and above the 50 sma indicates price may make new lows. Forming on weekly resistance as well as a 61.8 retracement adds more confluence to this trade. I am targeting price to move back to Monthly support which is also a -38.2 retracement.

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I meant to say overbought not oversold.

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Stopped out