The pattern forms with a horizontal line of support, where the price repeatedly bounces off a particular level, indicating buying interest at that price. At the same time, there is a downward sloping trendline connecting the lower highs, showing that sellers are gradually gaining control.
Note
This setup failed from the time its break upper trendline..
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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.