The chart has printed a decent inverted head and shoulders pattern.
A successful breakout targets the down sloping 200dma around $50 then R55 for a measured move.
An inverted head and shoulders pattern is a common chart pattern in technical analysis that signals an upcoming bullish trend after a period of a bearish trend or consolidation. The pattern is formed by three successive price bottoms, with the middle bottom being the lowest and the two other bottoms being higher on both sides. The pattern is completed when the price crosses above the neckline, which is formed by connecting the high points of the two shoulders. The inverse head and shoulders pattern is the opposite of the head and shoulders pattern and is used to predict reversals in downtrend
A successful breakout targets the down sloping 200dma around $50 then R55 for a measured move.
An inverted head and shoulders pattern is a common chart pattern in technical analysis that signals an upcoming bullish trend after a period of a bearish trend or consolidation. The pattern is formed by three successive price bottoms, with the middle bottom being the lowest and the two other bottoms being higher on both sides. The pattern is completed when the price crosses above the neckline, which is formed by connecting the high points of the two shoulders. The inverse head and shoulders pattern is the opposite of the head and shoulders pattern and is used to predict reversals in downtrend