Vodafone – Symmetrical triangle formation on daily chart
Multiple failures around 234-235 levels followed by a sharp drop today suggests the prices could be heading lower to the symmetrical triangle floor seen around 226 levels.
Daily MACD and RSI have turned flat, while the volumes have stayed healthy. Moreover, break in volumes above 20-day average today would add credence to possibility of a drop to 226 levels.
Bearish invalidation is seen only if prices see a day end close above symmetrical triangle resistance.
