HSK:0.8787 is it the peak or a new starting point?
After this wave of HSK rising, it has started to swing again! The rise has stalled, and all technical indicators are shouting 'tired'. Market momentum is clearly weak!
In the short term, it seems we are going to be spinning in circles, and it might even slip down! Bears are now sharpening their claws, but everyone still has a little hope in their hearts. If this hurdle of 0.8787 can't be breached, the pressure for a pullback will be significant! The position at 0.6329 below, be sure to remember it!
Short-term traders, listen up! Selling high and buying low is the real deal. If there’s any sign of stagnation near 0.8787, decisively open a short position! If it drops to these support levels of 0.7090 or 0.6329, it’s okay to take a couple of long positions, but make sure to set your stop-loss accurately!
Long-term friends, don’t rush to get in! Either wait for a solid breakthrough above 0.8787 before chasing, or wait for it to drop to 0.6329 to buy the dip. Heavy positions at this high level? Not advisable, not advisable!
The candlestick chart is forming a 'dark cloud cover' near 0.8787, the MACD red bars are starting to shrink, and the RSI has also slipped down from the overbought zone. Isn’t this pullback signal clear enough? What do you think of this market?
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