(Total Views: 649)
Posted On: 07/28/2020 2:27:31 PM
Post# of 153941
http://investorshangout.com/images/MYImages/2...4716~2.png
A couple scenarios I was playing with depending on what price action did.
Looks like inverse head and shoulders on the left may play out. Depending on where the neck line is drawn would need to see a breakout above 6.00 - 6.50 on good Volume for confirmation.
The significance of the pattern from a technical view is
By measuring the distance from the neckline to the end of the center (head) gives a rough idea of what to expect of price movement upon breakout .... Which could be a day or multiple days increase as timeframe is unknown
So based on this 9.00 - 10.00
While this doesn't mean price couldn't continue on or end up higher ... I bet at the very least we would see some consolidation or heavy profit taking if we retest 10.00
Of course would need some positive news to fuel this.
Disclaimer: Nothing is set in stone .. Just an observation ..technical analysis is a weighted approach of probabilities and may or may not play out as expected.
A couple scenarios I was playing with depending on what price action did.
Looks like inverse head and shoulders on the left may play out. Depending on where the neck line is drawn would need to see a breakout above 6.00 - 6.50 on good Volume for confirmation.
The significance of the pattern from a technical view is
By measuring the distance from the neckline to the end of the center (head) gives a rough idea of what to expect of price movement upon breakout .... Which could be a day or multiple days increase as timeframe is unknown
So based on this 9.00 - 10.00
While this doesn't mean price couldn't continue on or end up higher ... I bet at the very least we would see some consolidation or heavy profit taking if we retest 10.00
Of course would need some positive news to fuel this.
Disclaimer: Nothing is set in stone .. Just an observation ..technical analysis is a weighted approach of probabilities and may or may not play out as expected.
(2)
(1)
