Key Characteristics of a Bearish Flag:
1. Sharp downtrend before the flagpole – You can see a strong downward move leading into the pattern, forming the “flagpole”.
2. Consolidation in an upward-sloping channel – The price then moves upward within parallel trendlines, which is the “flag”.
3. Volume often decreases during the flag – While not shown in your chart, volume typically drops during the flag consolidation.
4. Bearish continuation expected – A break below the lower trendline often signals continuation of the previous downtrend.
Additional Notes:
• RSI is rising but still below overbought territory, suggesting there’s room for price action in either direction. However, if a breakdown occurs from this channel with an uptick in volume, it would strengthen the bearish thesis.
• The target for a bearish flag breakdown is typically the length of the flagpole, projected downward from the breakdown point.
Watch for:
• A confirmed break below the lower channel.
• Increased bearish volume during the breakdown.
• Potential support levels around $150 and $145.
1. Sharp downtrend before the flagpole – You can see a strong downward move leading into the pattern, forming the “flagpole”.
2. Consolidation in an upward-sloping channel – The price then moves upward within parallel trendlines, which is the “flag”.
3. Volume often decreases during the flag – While not shown in your chart, volume typically drops during the flag consolidation.
4. Bearish continuation expected – A break below the lower trendline often signals continuation of the previous downtrend.
Additional Notes:
• RSI is rising but still below overbought territory, suggesting there’s room for price action in either direction. However, if a breakdown occurs from this channel with an uptick in volume, it would strengthen the bearish thesis.
• The target for a bearish flag breakdown is typically the length of the flagpole, projected downward from the breakdown point.
Watch for:
• A confirmed break below the lower channel.
• Increased bearish volume during the breakdown.
• Potential support levels around $150 and $145.
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.