$OPN 24 hours down 10.7%: Don’t get carried away by a rebound—the resistance level is what matters
That’s a conspicuous drop, and the short-term outlook is bearish. The close was not far above the low, and the latest quote has slipped further. The recovery so far has been limited. The easiest trap is to see a steep drop and assume a bounce is due. Being oversold only means the fall was sharp; it’s not enough to justify buying back in.
But don’t chase shorts near the low, either. Next, watch how the price behaves when a rebound reaches the nearby moving averages above. If it fails to break through and turns back down, that’s the move to wait for before taking this bearish opportunity.
The key level is 0.0522. I’ll turn bearish only if a 15-minute candle closes below 0.0522, then rebounds and gets rejected there.
If that happens, the first target is 0.0497936. A stop at 0.0534032 invalidates this setup.
#TradingStrategy
That’s a conspicuous drop, and the short-term outlook is bearish. The close was not far above the low, and the latest quote has slipped further. The recovery so far has been limited. The easiest trap is to see a steep drop and assume a bounce is due. Being oversold only means the fall was sharp; it’s not enough to justify buying back in.
But don’t chase shorts near the low, either. Next, watch how the price behaves when a rebound reaches the nearby moving averages above. If it fails to break through and turns back down, that’s the move to wait for before taking this bearish opportunity.
The key level is 0.0522. I’ll turn bearish only if a 15-minute candle closes below 0.0522, then rebounds and gets rejected there.
If that happens, the first target is 0.0497936. A stop at 0.0534032 invalidates this setup.
#TradingStrategy