It visually highlights a bearish reversal pattern, likely a rising wedge or bear flag, suggesting a potential drop in price.
Key Observations:
Pattern Formed: Rising wedge or a small upward channel, often indicating weakening bullish momentum.
Breakout Expectation: The red arrow and white support line indicate a potential bearish breakout.
Target Zone: Labeled as “Targets 3300”, showing a price target of 3300 if support breaks.
Current Price: 3,333.265 at the time of the screenshot, suggesting a potential downside move of ~33 points if the pattern plays out.
Technical Implication:
A break below the support line (around 3,310–3,312) could confirm the bearish move.
Stop-loss placement could be above the recent high (around 3,340+) to manage risk.
If you're trading based on this, monitor volume and price action near the support level for confirmation.
Key Observations:
Pattern Formed: Rising wedge or a small upward channel, often indicating weakening bullish momentum.
Breakout Expectation: The red arrow and white support line indicate a potential bearish breakout.
Target Zone: Labeled as “Targets 3300”, showing a price target of 3300 if support breaks.
Current Price: 3,333.265 at the time of the screenshot, suggesting a potential downside move of ~33 points if the pattern plays out.
Technical Implication:
A break below the support line (around 3,310–3,312) could confirm the bearish move.
Stop-loss placement could be above the recent high (around 3,340+) to manage risk.
If you're trading based on this, monitor volume and price action near the support level for confirmation.
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.
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.