$SNDK The current price has sharply rebounded and is now significantly deviating from the moving average system. The momentum for chasing the price upward is nearing the exhaustion point.
$SNDK - Empty
Trading plan:
Entry: 1555 - 1565
Stop Loss (SL): 1595
Target 1 (TP1): 1485
Target 2 (TP2): 1440
Target 3 (TP3): 1400
Why go short?
The strong V-reversal that started around 972 has pushed the price beyond the upper band of the Bollinger Bands, creating a fairly clear state of overbought conditions and divergence. Although the bullish momentum is strong on the daily timeframe, the price is facing pressure near the prior gap around 1580. In addition, the indicators have already moved into extreme zones. Once buying momentum can’t be sustained, this kind of excessively deviated pattern is highly likely to trigger a technical pullback toward the middle band. At present, the risk-reward ratio of the pullback setup offers some appeal.
Click here to trade👇
$SNDK - Empty
Trading plan:
Entry: 1555 - 1565
Stop Loss (SL): 1595
Target 1 (TP1): 1485
Target 2 (TP2): 1440
Target 3 (TP3): 1400
Why go short?
The strong V-reversal that started around 972 has pushed the price beyond the upper band of the Bollinger Bands, creating a fairly clear state of overbought conditions and divergence. Although the bullish momentum is strong on the daily timeframe, the price is facing pressure near the prior gap around 1580. In addition, the indicators have already moved into extreme zones. Once buying momentum can’t be sustained, this kind of excessively deviated pattern is highly likely to trigger a technical pullback toward the middle band. At present, the risk-reward ratio of the pullback setup offers some appeal.
Click here to trade👇