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Descending Channel on Montly chart prompts us we have a Downtrend overall. Nevertheless we got the Falling Wedge pattern.
Situation looks more bearish as we have price was rejected of the Horizontal Resistance. And in case the pattern will be invalidated and the Mid Line of the Descending Channel crossed to downward we can initiate a short position.
But be ready to the upward breakout, because it will lead us to retest of the Horizontal Resistance.
To reverse the overall downtrend we have, we need to break out of the Descending Channel to upward.
Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable!
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advice.
Descending Channel on Montly chart prompts us we have a Downtrend overall. Nevertheless we got the Falling Wedge pattern.
Situation looks more bearish as we have price was rejected of the Horizontal Resistance. And in case the pattern will be invalidated and the Mid Line of the Descending Channel crossed to downward we can initiate a short position.
But be ready to the upward breakout, because it will lead us to retest of the Horizontal Resistance.
To reverse the overall downtrend we have, we need to break out of the Descending Channel to upward.
Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable!
Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advice.