In my previous chart I was leaning on head and shoulder not playing out. But now with war about to break out in Ukraine, I am not so sure that the neckline area of $50.25 will hold. We have been on an uptrend that started since March 2021 and has checked back to the trend line once before. If we were to check back to the trend line again after the head and shoulder neckline breaks, it could close the gap at $45.99.
I will be watching $50.25 - $49 area to see if that support can hold. If it breaks, the bear case will play out and we can see $45.99.
Bear Target 1 - $45.99
Neckline - $50.25
Bull case - bounce from neck line and move towards $62.
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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 show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.
I will be watching $50.25 - $49 area to see if that support can hold. If it breaks, the bear case will play out and we can see $45.99.
Bear Target 1 - $45.99
Neckline - $50.25
Bull case - bounce from neck line and move towards $62.
———————————————————
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 show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not 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.