Hi guys! thinking of going short for kuaishou, let me know what you think
From the descending trend channel i have bearish bias. There is high barrier pressure at 72.00, where i intend to go short, as it lines up with the 127.2% fibonacci expansion and the 61.8% fibonacci retracement. Addtionally, Stocastics show that there has been a constant resistance level, whihc suggests there will likely be a reversal at that level. I will probably put my take profit at the horizontal support level at 53.85 and my stop loss at the first resistance level at 54.85, in line with the 100% fibonacci projection.
sell entry: 72.00[Smile]
take profit: 53.85[Happy]
stop loss: 54.85[Cry]
$Kuaisho 5xLongSG220808(DXDW.SI)$
$Kuaisho 5xShortSG220307(DJXW.SI)$
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