Posting a continuation of my previous analysis regarding the inverse head and shoulders forming on the charts. This pattern continues to form on both the 4H and 1D charts. The update to my previous analysis placed the right shoulder bottom at $650, which that target was reached. Bottom was actually closer to $640, but I did execute a long position at that target and now have a limit sell in place @ $700. At this point an ascending triangle has formed on the 4H chart which provides some additional bullish outlook to continue the head and shoulders pattern. The $740 test will be big, and breakout past $740 with volume will be an incredibly bullish signal. Even upon breakout of the triangle, resistance can be expected between $760-$770, the downward trendline formed from the all time high, and again when testing the neckline from $790-$795.
I stick by the previous analysis that I expect the head and shoulders to continue to form and test the neckline. A breakout past the neckline with volume will target ~$1200-$1250. Exciting times ahead!!
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
I stick by the previous analysis that I expect the head and shoulders to continue to form and test the neckline. A breakout past the neckline with volume will target ~$1200-$1250. Exciting times ahead!!
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***