We saw a Breakout Falling Wedge pattern form on JBL.
The price then broke above BUT did not confirm and penetrate above the 200MA.
This caused a major fakeout and shakeout and caused the price to drop.
Sometimes this type of move is a stronger indication of a reversal.
Hence, the price has broken below the Falling Wedge and now has a target of R1.16.
200 >21>7 MA - Bearish
RSI <30 - Bearish
Target R1.16
LESSON LEARNT
When a Breakout pattern fails and breaks below the pattern, this can confirm a major reversal and a high probability trade in the other way.
The price then broke above BUT did not confirm and penetrate above the 200MA.
This caused a major fakeout and shakeout and caused the price to drop.
Sometimes this type of move is a stronger indication of a reversal.
Hence, the price has broken below the Falling Wedge and now has a target of R1.16.
200 >21>7 MA - Bearish
RSI <30 - Bearish
Target R1.16
LESSON LEARNT
When a Breakout pattern fails and breaks below the pattern, this can confirm a major reversal and a high probability trade in the other way.
✅ Facebook:
www.facebook.com/groups/matitrader
🌐Website:
www.timonandmati.com
💰FREE Discord:
discord.gg/c8f37kyv35
Twitter:
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
www.facebook.com/groups/matitrader
🌐Website:
www.timonandmati.com
💰FREE Discord:
discord.gg/c8f37kyv35
Twitter:
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)