Price has been in a strong downtrend for several months. Now, we see an inverse head and shoulders forming indicating that this trend could, at least temporarily, reverse. If price can bounce off support at around $60.60, the inverse head & shoulders will be confirmed and we could see some appreciation in price in the coming days. Place stops at $59 (if support doesn't hold) and take profits around $70 (a level of resistance).
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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.