We have just broken below the neckline of a head & shoulders pattern on the weekly chart. RSI is already oversold but I do not see much support before the 50% and 61.8% fib retracement of the 2015 lows to the recent weekly highs where I would look for an buy entry. Also in that area there is an open gap to fill at $25.49. However, traditional head & shoulder pattern targets would be even around $23.38 which nicely lines up with major weekly support at $23.72 for even a greater buying opportunity.
Nota
still $1.50 left to the downside in this powerful downward move initiated by that H&S patternNota
What a sell-off. This shows the power of H&S patterns. We arrived at the next weekly support level at 23.72 and if we get to 23.38 we should see profit taking from traders who trade the H&S pattern the conventional way.Nota
So 23.38 was hit and the H&S shorters probably took profit here.At the moment we have:
-weekly RSI divergence
-price at weekly support level
-H&S completed
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.