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LTCUSD: Selling the Break - Short Term - We look to Sell a break of 140. 40 (stop at 146.97)
LTCUSD - Short Term - We look to Sell a break of 140.40 (stop at 146.97)
Trades with a bearish descending triangle formation. A break of 142.00 is needed to confirm follow through negative momentum. The trend of lower highs is located at 152.00. Further downside is expected and we prefer to set shorts in early trade. A break of bespoke support at 142.00, and the move lower is already underway. Further downside is expected, however, due to the strong support below we prefer to sell a break of 142.00, which will confirm the bearish sentiment.
Our profit targets will be 123.20 and 117.00
Resistance: 150.00 / 160.00 / 170.00
Support: 142.00 / 130.00 / 105.00
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Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.