Technical Analysis FR40 : 2018-06-22
IFC Markets | Jun 22, 2018 10:08AM ET
Expansion in French manufacturing and services sectors slowed in May. Will the Stochastic oscillator has breached into the oversold zone, this is bullish.
We believe the bearish momentum will continue after the price closes below the lower boundary of Donchian channel at 5259.33. This level can be used as an entry point for placing a pending order to sell. The stop loss can be placed above the last fractal high at 5559.83. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. If the price meets the stop loss level (5559.83) without reaching the order (5259.33), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Technical Analysis Summary
Position Sell
Sell stop Below 5259.33
Stop loss Above 5559.83
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