Hi everyone, I just want to focus on Shell, there is a big drop ahead! After the recovery in recent weeks, the gap closed at € 18.50, after which a double top formed. Important now is the falling resistance line (channel) which was tapped for the 3rd time yesterday. There is also the formation of an SHS pattern. If the neckline breaks around € 14.50, we can continue to the previous bottom around € 10. This idea becomes void if we close above the falling resistance line !
Good luck traders!
Regards,
TT
Good luck traders!
Regards,
TT
Comment:
Hi, everyone, another update: it took a little longer than expected but the decline continues as usual, in the RSI the horizontal support has finally broken, so that a new target can now be put on the open gap (23/03/20) from 12.50 ; the importance of what the RSI will do in the end is the expectation that the previous bottom can be found around 10.30, first focus on 12.50 ;)
Hi, everyone, another update: it took a little longer than expected but the decline continues as usual, in the RSI the horizontal support has finally broken, so that a new target can now be put on the open gap (23/03/20) from 12.50 ; the importance of what the RSI will do in the end is the expectation that the previous bottom can be found around 10.30, first focus on 12.50 ;)
A few points to mention: a false outbreak usually results in a reverse large movement, so the decline should continue next week, the falling resistance line now again as resistance, as well as the MA50.
At the bottom, the previous bottom around 14.80 is now important.
Take the focus on the RSI, which will determine whether the decline continues, why?
RSI determines the force, when the horizontal line can be broken, the decline will only really start, rather not!
It will be an exciting week next week!
Regards,
TT