The support channel was successfully broken by leaving a gap on around the line. A very strong breakout. With that, I see that the price would not turn upwards to test that level in the near future before reaching the next support point.
The chart forms a descending triangle pattern. Not only that, if you look at the weekly timeframe, you will also see a head & shoulders pattern, with the channel support line as the neckline. I estimate the price would at least test the next support level at 55,500.
Note: I don't give buy and sell signals. All my posts are just ideas. If you want to apply, do your own analysis first, make sure it matches your analysis. If not, then just trash this idea. So that you won't disappointed and blame the other party when everything does not fit the analysis.
The chart forms a descending triangle pattern. Not only that, if you look at the weekly timeframe, you will also see a head & shoulders pattern, with the channel support line as the neckline. I estimate the price would at least test the next support level at 55,500.
Note: I don't give buy and sell signals. All my posts are just ideas. If you want to apply, do your own analysis first, make sure it matches your analysis. If not, then just trash this idea. So that you won't disappointed and blame the other party when everything does not fit the analysis.
Comment:
The lowest price reached since this idea was posted was 59,870.
