We seem to be inside a pennant, but of course the trendline is only based on 2 points for the top and bottom trendline so it may not be the most reliable trendlines to rely on.
Another way to view the big picture of this chart is the demand and supply zones so even if you were to have a position on the trendline you should not panic just because the trendline broke.
Taking a closer look in the chart chart we can see that we are making a series of lower highs while the lows are relatively flat resembling a descending wedge , so I am short term bearish on this. If this drops that will be our opportunity to buy at a great price ,as well as we may snag this at the low end of the large accumulation phase with a great RR. . It might respect the trendline which will be a great thing as it may provide a clear SL. Chances are that it may enter a smaller accumulation phase just like the previous one
Another way to view the big picture of this chart is the demand and supply zones so even if you were to have a position on the trendline you should not panic just because the trendline broke.
Taking a closer look in the chart chart we can see that we are making a series of lower highs while the lows are relatively flat resembling a descending wedge , so I am short term bearish on this. If this drops that will be our opportunity to buy at a great price ,as well as we may snag this at the low end of the large accumulation phase with a great RR. . It might respect the trendline which will be a great thing as it may provide a clear SL. Chances are that it may enter a smaller accumulation phase just like the previous one
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.