Technical Overview
The ETF is forming a Head and Shoulders reversal pattern near the $62–$63 resistance zone, indicating a potential shift from a bullish trend to a bearish corrective phase.
Price has started to break below the neckline, suggesting increasing selling pressure and a possible continuation downward.
Key Levels
Resistance / Invalidation:
$63.67 → Daily close above this level invalidates the bearish setup.
Current Structure:
Price trading below short-term moving averages.
Momentum weakening after the right shoulder formation.
Downside Targets
T1: $54.10
T2: $51.70
T3: $48.30
These levels represent previous support zones and liquidity areas.
Conclusion
As long as Wahed FTSE USA Shariah ETF remains below $63.67, the Head & Shoulders pattern favors a bearish continuation, with potential downside toward the $54 – $48 support range.
The ETF is forming a Head and Shoulders reversal pattern near the $62–$63 resistance zone, indicating a potential shift from a bullish trend to a bearish corrective phase.
Price has started to break below the neckline, suggesting increasing selling pressure and a possible continuation downward.
Key Levels
Resistance / Invalidation:
$63.67 → Daily close above this level invalidates the bearish setup.
Current Structure:
Price trading below short-term moving averages.
Momentum weakening after the right shoulder formation.
Downside Targets
T1: $54.10
T2: $51.70
T3: $48.30
These levels represent previous support zones and liquidity areas.
Conclusion
As long as Wahed FTSE USA Shariah ETF remains below $63.67, the Head & Shoulders pattern favors a bearish continuation, with potential downside toward the $54 – $48 support range.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.