NEAR is Going for Correction
Near prices are moving alongside an uptrend since October 19. However, the NERUSD moved lower yesterday to form a divergence on the H4 chart. Today prices formed a ‘Bearish Engulfing’ candlestick patter, which usually signals a reversal of the trend. RSI (14) is in the overbought zone, above 70, that is traditionally considered as a strong sell signal. Although it could be not a change of a mid-trend, the altcoin is going for correction. Thus, it would be wise to consider short trades at 1.3450-1.3550 with a target at 1.2680, the low of October 31. The stop-loss could be set slightly above 1.3800, the high of August 3.
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