ABX.US Daily Chart Our Expectations: Declining trend, correction close to horizontal and diagonal resistance. Possibility for short positions after slight correction with stop 13.15
Alternative scenario: If the resistors fail to withstand the correction test, and we have a successful break in the levels, we can look for long positions after confirmation by a price action signal.
Comment: Decreasing main trend. The price is in correction territory as it is at levels close to key horizontal and diagonal resistance. 50/200 MA in bearish formation. We wait for the price to enter the BUY ZONE and position the shorts after confirmation of price action. At these levels is also 23.6% Fibonacci on the main movement, which makes them even more significant.
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