We note that price has been trading along bullish uptrend line, from Aug 2011 to May 2013. However price has been consolidating sideways since June 2013 until now.
We note a possible Diamond Top Formation close to breaking out. The breakout will likely happen after price manages to trade and sustain below 75.00.
The objective of the pattern will be to reach 67.50, by around 22 Oct 2014.
Risk; There is a risk that the breakout will be stalled when it reaches support level at 72.50 and the pattern changes into a rectangle sideways consolidation. This is why partial profit taking at 72.50 might be a good idea.
For more information on the Diamond Top Pattern: thepatternsite.com/diamondt.html
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We note a possible Diamond Top Formation close to breaking out. The breakout will likely happen after price manages to trade and sustain below 75.00.
The objective of the pattern will be to reach 67.50, by around 22 Oct 2014.
Risk; There is a risk that the breakout will be stalled when it reaches support level at 72.50 and the pattern changes into a rectangle sideways consolidation. This is why partial profit taking at 72.50 might be a good idea.
For more information on the Diamond Top Pattern: thepatternsite.com/diamondt.html
Like it, Follow It, Share It~