On the left we can see a solid bear flag with a breakout AND a successful rejection from the former support. However, when we zoom in on the right, we can see there might be something else going on here. We have a small H&S which seems to be failing already with a good bounce up already. If that red zone breaks it could be a first sign. If the red on the left breaks it would mean the bear trap is very likely. If the green support breaks it will be very likely that it just continues to drop as the bear flag is already suggesting.
The blue line is a big resistance level from that big gap we can see.
Since it's december and closing in on the holidays, is also in favor of the bulls.
The blue line is a big resistance level from that big gap we can see.
Since it's december and closing in on the holidays, is also in favor of the bulls.
Note
Still below that red resistance, but starting to look like it doesn't want to drop. So chances increase for a move up here
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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.