📝 Chart Pattern: Inverse Head & Shoulders
The chart clearly shows an Inverse Head and Shoulders pattern forming, which is typically a bullish reversal signal after a downtrend.
The neckline has been drawn near the $3,010 level.
If the price breaks and closes above this neckline with strong volume, it could confirm the pattern and suggest a trend reversal to the upside.
🎯 Target Projection
Based on the measured move from the head to the neckline (~75.6 points), the projected target is approximately:
Entry (Breakout of neckline): ~$3,010
Target: ~$3,085 – $3,090
Potential Gain: +2.49%
📊 Volume
Volume increased around the right shoulder area, which supports buying interest and the validity of the reversal pattern.
We need to see a volume spike on the breakout to confirm real buyer momentum.
📈 RSI (Relative Strength Index)
RSI is currently around 56, showing a move out of the mid-range with some bullish momentum.
It’s above the signal line (yellow moving average), suggesting further upside potential.
No signs of divergence are evident right now.
⚠️ Key Levels
Support: $2,980–$2,990 (recent base of the pattern)
Resistance/Neckline: ~$3,010
Target (bullish breakout): $3,085–$3,090
✅ Trading Idea
Entry: Buy on confirmed breakout above $3,010 (with strong candle close and volume)
Stop Loss: Below right shoulder (~$2,990)
Take Profit: $3,085–$3,090
The chart clearly shows an Inverse Head and Shoulders pattern forming, which is typically a bullish reversal signal after a downtrend.
The neckline has been drawn near the $3,010 level.
If the price breaks and closes above this neckline with strong volume, it could confirm the pattern and suggest a trend reversal to the upside.
🎯 Target Projection
Based on the measured move from the head to the neckline (~75.6 points), the projected target is approximately:
Entry (Breakout of neckline): ~$3,010
Target: ~$3,085 – $3,090
Potential Gain: +2.49%
📊 Volume
Volume increased around the right shoulder area, which supports buying interest and the validity of the reversal pattern.
We need to see a volume spike on the breakout to confirm real buyer momentum.
📈 RSI (Relative Strength Index)
RSI is currently around 56, showing a move out of the mid-range with some bullish momentum.
It’s above the signal line (yellow moving average), suggesting further upside potential.
No signs of divergence are evident right now.
⚠️ Key Levels
Support: $2,980–$2,990 (recent base of the pattern)
Resistance/Neckline: ~$3,010
Target (bullish breakout): $3,085–$3,090
✅ Trading Idea
Entry: Buy on confirmed breakout above $3,010 (with strong candle close and volume)
Stop Loss: Below right shoulder (~$2,990)
Take Profit: $3,085–$3,090
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.