We have breakouts of two chart patterns happening simultaneously. A secondary rectangle and a descending primary triangle.
Furthermore, the breakout of this rectangle highlights a very nice primary reversal pivot.
This could indicate that a longer uptrend could be on the horizon.
If this is true, it is possible that at least proportional movement of the primary trend can be achieved in the 171 region.
We will see.
The market is never wrong and can do whatever it wants.
Furthermore, the breakout of this rectangle highlights a very nice primary reversal pivot.
This could indicate that a longer uptrend could be on the horizon.
If this is true, it is possible that at least proportional movement of the primary trend can be achieved in the 171 region.
We will see.
The market is never wrong and can do whatever it wants.
Trade closed: target reached:
A few days ago, I wrote about this idea involving CVX in the 171 region. The target has been achieved, so the trade is now closed.