CFX price action has formed a PENNANT pattern! So what's next? CFX price is facing resistance at 0.4000 level if price break the upper Trendline and 0.4000 level then price may test 0.4500 level and could break to 0.5000 or 0.5500 and if price break downward then we may see price to test 0.2800 level and again starts moving upward cause you can see that on daily time frame I've made two Thick trendlines which shows an uptrend.
My Opinion
According to my point of view price may break lower trend line and test 0.2800 and starts moving upward Why?? Here's the reasons
1: On daily time volume is decreasing which shows lack of interest and fear! Cuz price has already moved up significantly and a correction is needed to continue the uptrend
2: RSI value is between 60 and 50 So, I think it should fall below 50
3: If price break lower Trendline of pennant then price has legs and rooms to move down
4: 100 MA is also moving towards 0.2800 level another factor which is making it a support level and is ready to be tested
5: According to fib retracement tool 0.2800 level is also falling at 0.618 level of fib which is an important level of this tool
Here's my opinion!!!
My Opinion
According to my point of view price may break lower trend line and test 0.2800 and starts moving upward Why?? Here's the reasons
1: On daily time volume is decreasing which shows lack of interest and fear! Cuz price has already moved up significantly and a correction is needed to continue the uptrend
2: RSI value is between 60 and 50 So, I think it should fall below 50
3: If price break lower Trendline of pennant then price has legs and rooms to move down
4: 100 MA is also moving towards 0.2800 level another factor which is making it a support level and is ready to be tested
5: According to fib retracement tool 0.2800 level is also falling at 0.618 level of fib which is an important level of this tool
Here's my opinion!!!