Hello.
The chart clearly shows an inverse head and shoulders formation. Price has now formed:
Left Shoulder
Head
Right Shoulder (recently completed)
The neckline was engulfed after a strong move, which adds confidence to the breakout potential. If the price continues to hold above the right shoulder and gains momentum:
If volume increases or we see continuation candles, this setup could offer a good bullish opportunity.
Invalidation: Breakdown below the right shoulder lows would weaken the pattern.
The chart clearly shows an inverse head and shoulders formation. Price has now formed:
Left Shoulder
Head
Right Shoulder (recently completed)
The neckline was engulfed after a strong move, which adds confidence to the breakout potential. If the price continues to hold above the right shoulder and gains momentum:
- First target is around the 0.0002280 area
- Second target is marked near 0.0003430
If volume increases or we see continuation candles, this setup could offer a good bullish opportunity.
Invalidation: Breakdown below the right shoulder lows would weaken the pattern.
Trade active
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.