Bearish Gartley and Bearish Pinbar after earnings
Weekly bearish Gartley - $CVX
The Gartley's PRZ is between 103$ and 110$.
You can see that the pattern completion zone also comes with a weekly structure zone and in addition, last week's weekly candle closed as a bearish Pinbar pattern.
Aggressive traders can probably seek for reasons to sell $CVX as long as the price respects the PRZ.
More conservative traders should probably wait for a close below 100$ to confirm a False Break to that psychological level.
Based on the weekly chart, $CVX can decline towards 90-91$ to complete a weekly correction move.
The 98$ zone, a daily support zone, can also be used as potential target zone for those who seek for shorter term trades.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
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The Gartley's PRZ is between 103$ and 110$.
You can see that the pattern completion zone also comes with a weekly structure zone and in addition, last week's weekly candle closed as a bearish Pinbar pattern.
Aggressive traders can probably seek for reasons to sell $CVX as long as the price respects the PRZ.
More conservative traders should probably wait for a close below 100$ to confirm a False Break to that psychological level.
Based on the weekly chart, $CVX can decline towards 90-91$ to complete a weekly correction move.
The 98$ zone, a daily support zone, can also be used as potential target zone for those who seek for shorter term trades.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week goo.gl/3JPebo
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Comment:
Weekly Doji... Still bearish