Vodafone – Symmetrical triangle formation on daily chart

  • Multiple failures around 234-235 levels followed by a sharp drop today suggests the prices could be heading lower to the symmetrical triangle floor seen around 226 levels.
  • Daily MACD and RSI have turned flat, while the volumes have stayed healthy. Moreover, break in volumes above 20-day average today would add credence to possibility of a drop to 226 levels.
  • Bearish invalidation is seen only if prices see a day end close above symmetrical triangle resistance.
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