The price action is moving in a pennant since 29 Aug 18 which is getting squeezed.
Now the price line hits the 200MA resistance, pivot 1st resistance and the pennant's resistance.
If we take the complete pennant in fixed range of volume profile then it can be easily seen that sofar the trader's interest in this area is less.
Moreover the price action has formed a complete bearish shark pattern and completed the last leg and entered in potential reversal zone.
The indications are more in favor of bearish move at the moment so it can be sold here and can be bought again between pivot point and 100 SMA support which is around 72.54 to 71.42.
The targets are:
Sell between: 74.40 to 75.55
Can be bought again between pivot and 100SMA support
Regards,
Atif Akbar (moon333)
Now the price line hits the 200MA resistance, pivot 1st resistance and the pennant's resistance.
If we take the complete pennant in fixed range of volume profile then it can be easily seen that sofar the trader's interest in this area is less.
Moreover the price action has formed a complete bearish shark pattern and completed the last leg and entered in potential reversal zone.
The indications are more in favor of bearish move at the moment so it can be sold here and can be bought again between pivot point and 100 SMA support which is around 72.54 to 71.42.
The targets are:
Sell between: 74.40 to 75.55
Can be bought again between pivot and 100SMA support
Regards,
Atif Akbar (moon333)
Trade closed: target reached