Technical analysis by ALIHAMID about Symbol ALGO: Sell recommendation (1/8/2024)

ALGO was in bullish trend and bearish divergence appeared. After that it moved in range i.e. distribution. now ALGO is in bearish trend and make LL after breaking previous HL. After printing LL, the instrument touches 38.2% retracement level and in process of making bearish candle. at current level, making of strong bearish candle will suggest that sellers are in control retracement and price may go down.