EasyJet – Fake breakout?

Daily chart pattern

  • Bullish symmetrical triangle breakout
  • Overbought money flow index for the first time after March 2015
  • Stuck at 50-DMA level of 1125.24

The daily chart suggests the bullish break from symmetrical triangle could be short lived. The only fact that remains in favor of bulls is the daily RSI , which is well short of overbought territory.

Overall, we are likely to see range bound action with a downside bias.

Bullish move would gather pace after prices see a day end close above 1177 (July 14 high).
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