I was wrong to dismiss the possibility of H&S breaking down. The worst of my bear case came true with the price target $27.
Right now 50% of H&S breakdown has been paid. Stocks tends to reverse from 50% of the break target. So $27 area is critical area for the bulls.
Breaking below $27 will be really bad as the next potential support is around $21.
Bull case - Break above $38
Bear case - Break down below $27
My bet right now is a little consolidation followed by bullish reversal. Oscillators are not turning up yet.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
Right now 50% of H&S breakdown has been paid. Stocks tends to reverse from 50% of the break target. So $27 area is critical area for the bulls.
Breaking below $27 will be really bad as the next potential support is around $21.
Bull case - Break above $38
Bear case - Break down below $27
My bet right now is a little consolidation followed by bullish reversal. Oscillators are not turning up yet.
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.