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A descending broadening wedge is forming, indicating a potential bullish reversal if price follows the typical pattern.
Pattern Analysis: Descending Broadening Wedge
Support and Resistance Levels
A descending broadening wedge is forming, indicating a potential bullish reversal if price follows the typical pattern.
Pattern Analysis: Descending Broadening Wedge
- The wedge is marked with two diverging trendlines, where the upper line is descending and the lower line slopes down but at a slower rate.
- This pattern generally signals a reversal scenario, especially after a downtrend.
- Price typically oscillates between the upper and lower trendlines before a breakout occurs.
Support and Resistance Levels
- Immediate resistance: Near $205–207 (upper trendline of the wedge).
- Support zone: Around $192–193, marked by the lower wedge line and a grey horizontal area, which historically acted as strong demand.
- Price objective: Upon breakout, the target is around $212+, as indicated by the schematic at the top-left corner of the chart.
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Telegram channel: t.me/melikatrader94
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Disclaimer
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Proud ThinkMarkets Ambassador -> Discover & Grow: bit.ly/Think-Markets
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex 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.