Tendency: Downtrend ( )
Structure: Reversal pattern ( ) | Breakdown |
Observation: i. DT: technical reversal pattern forms after the price reaches peak @ CA$0.99000 two consecutive times with a moderate decline between the two highs.
ii. The Breakdown of Trendline @ CA$0.98400 emphasizes a change in direction as price action disregard Trendline.
iii. I shall be patience to watch out for weakness in the strength of buyers at the (CA$0.98000) which is also the Neckline for signal confirmation.
iv. Please note that a significant breakdown of might see the price go into a correction phase where buyers will try to push the price up from this level one more time; when this happens, CA$0.98200/0.98400 shall be a Sell window for me in the coming week(s).
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Potential Duration: 3 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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