Stocks opened with a bearish gap earlier today, but the bulls countered still in the Asian session and took prices above the 61.8% Fibonacci retracement. The upswing attempt is being met with a selling wave currently – and it doesn’t appear to have stopped.
Therefore, we’re closing the long position and taking profits off the table.
Trading position (short-term; our opinion): no positions are justified from the risk-reward perspective.
Thank you.
Monica Kingsley
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
