MIL:IMA
From a bullish trend, the chart shows a lateral trend at the moment, between 69 and 73 EUR.
The chart shows also two patterns (high-wave and spinning top): the latter is much similar to a hybrid high-wave, the shadows are large however the lower shadow isn't so wide; indeed, the first one reveals uncertainty (a balance of the bulls and of the bears) meanwhile the second one reveals an attenuated strength of the bulls (the real body is near the bottom and near the lower shadow). The patterns highlight the huge market volatility: for the first pattern, with the break of the upper reference, it resulted in a bullish movement and for the second pattern, with the break of the lower reference (and coverage of the gap-up), it resulted in a bearish movement (now, as I said previously, the market is in a lateral trend).
The main reference is about 68.60-68.80 EUR: it represents a support line. The FIBO retracements also point up the price levels (see the green arrows).
From a bullish trend, the chart shows a lateral trend at the moment, between 69 and 73 EUR.
The chart shows also two patterns (high-wave and spinning top): the latter is much similar to a hybrid high-wave, the shadows are large however the lower shadow isn't so wide; indeed, the first one reveals uncertainty (a balance of the bulls and of the bears) meanwhile the second one reveals an attenuated strength of the bulls (the real body is near the bottom and near the lower shadow). The patterns highlight the huge market volatility: for the first pattern, with the break of the upper reference, it resulted in a bullish movement and for the second pattern, with the break of the lower reference (and coverage of the gap-up), it resulted in a bearish movement (now, as I said previously, the market is in a lateral trend).
The main reference is about 68.60-68.80 EUR: it represents a support line. The FIBO retracements also point up the price levels (see the green arrows).
Comment:
The lateral trend is still valid (see the previous comment). It can be used as a trading range area.
Comment:
Break of the lower reference: the lateral trend turned into a bearish trend.