Buying CN50 at current swing low.CHN50 - 24h expiry - We look to Buy at 13261 (stop at 13101)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.
Trading within a Bearish Channel formation.
Our expectation now is for this swing lower to continue towards the bottom of the trend channel, to complete a correction before buyers return.
Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 13661 and 13741
Resistance: 13570 / 14235 / 15080
Support: 13110 / 12645 / 12070
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