And here we have another reverse head & shoulders, but this one is a bit tricky. its being capped by the bearish downtrend line. We will need to see that break before we make a trade.
However, volume is strong and all indicator are healthy. So there is a high chance we break out of the downtrend channel for a $2.20 target price.
If this helped you do drop a like!
However, volume is strong and all indicator are healthy. So there is a high chance we break out of the downtrend channel for a $2.20 target price.
If this helped you do drop a like!
Note
We managed to break both the neckline of the reverse H&S and the downtrend channel line. However, we have a bearish divergence on the RSI and weakening MACD. We should see a retracement to $1.95 before resuming the uptrend. I am moving my stop to $1.90 for a free trade.
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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.