4002Analyzing the current chart, we observe the formation of a Inverted Head and Shoulders pattern. The left shoulder is formed after an initial upward move, followed by a higher peak forming the head. The subsequent pullback creates the right shoulder. The neckline, drawn across the highs of the pattern, acts as a crucial resistance level. A decisive break above this neckline is a bullish signal, indicating a potential trend reversal. Volume analysis reveals a decrease in volume during the pattern formation, with a potential increase on the breakout adding confirmation. Traders often calculate the price target by measuring the distance from the head to the neckline and projecting that upward from the breakout point. As we monitor the price action, it's essential to wait for confirmation and consider risk management strategies.
