FxWirePro: LTC/USD upside capped by 200 –day MA, good to sell on rallies
Friday, May 11, 2018 12:18 PM UTC
- LTC/USD has declined sharply more than 7% for the intraday and broken 142 low made on May 5th 2018. It has jumped till 160.97 yesterday and started to decline from that level. It is currently trading around 137.60. The pair has formed major double bottom around 109 and any major weakness only below that level.
- The near term solid resistance is around 161 (200- day MA) and any break above will take the pair to next level till 175/183 (100- day MA)/195 (Mar 10th high)/250.
- On the lower side, any break below 138 (61.8% fib) confirms minor weakness and a decline till 130/120/105 is possible.
It is good to sell on rallies around 148-150 with SL around 161 for the TP of 120/109..
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