TAN for the 3rd time made a diamond reversal pattern near the base of an upchannel. However, diamond pattern may also be a continuation down pattern possibly for a retest of 68.
TAN also had a big red wedge fro 126 2021 ATH & is now retesting this wedge falling below weekly wma50.
BULLISH BIAS: There is a strong chance this channel will be recovered considering the last 2 strong reversals after beartrap below channel base. If TAN finally breaks above 92 in the next 2 weeks, making a higher high, this will confirm a continuation of wave 3 of 5.
BEARISH CASE: last 2 weekly candles show long tails pushing prices downward. This may lead to a diamond continuation down pattern to retest 68 (the May 2021 M-pattern neck) or even the 56 June low (previous double bottoms with strong bounce), next 2 very strong supports.
Not trading advice.
TAN also had a big red wedge fro 126 2021 ATH & is now retesting this wedge falling below weekly wma50.
BULLISH BIAS: There is a strong chance this channel will be recovered considering the last 2 strong reversals after beartrap below channel base. If TAN finally breaks above 92 in the next 2 weeks, making a higher high, this will confirm a continuation of wave 3 of 5.
BEARISH CASE: last 2 weekly candles show long tails pushing prices downward. This may lead to a diamond continuation down pattern to retest 68 (the May 2021 M-pattern neck) or even the 56 June low (previous double bottoms with strong bounce), next 2 very strong supports.
Not trading advice.
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.