Hello traders, this is my bearish setup for the day.
Price bounced off the 55 and is currently at MM2. Level of resistance identified at MPP and MM3. Support is MS1.
Price bounced off the 21 is currently at WS1 support. Resistance identified at WM2 and WPP.
Price stuck in a range between DR1 and DM2. Resistance is at DR1. Stochastics pointing up towards overbought. As a bear i will wait for price to get to the top of the range/resistance before looking for an opportunity to go short. Another scenario would be for price to break through support to the downside and finding DS1 support,than testing previous DM2 support as resistance before falling.