The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionThe resistance in the $250-$260 region would need to be broken for short-term bulls to enter the market with some confidence
The RSI remained beneath neutral 50, but the past few days saw bearish momentum replaced by a more neutral outlook. The OBV also made some gains over the past week. Not enough demand has arrived yet to indicate a strong bullish breakout. Therefore, a revisit to the $250-$258 region will likely offer a high reward, relatively low-risk shorting opportunity. Bears can target a drop to $220 as take-profit, but more conservative sellers can look to take profit in the $235-$240 region.
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