Possible double bottom.
This pattern was looking like a bullish bat, but passed the .886 fib level and hit the prior bottom. Double triple and multiple bottoms can form solid support. It shows a level where bulls make a stand and were not letting price fall any further. I am keeping an eye out to be sure 2nd bottom holds.
This can be a level of strong support, but support and resistance levels were made to be broken. There is only one candle at this 2nd bottom as I type this, but the 2 bottoms are very close in price.
Possible stop under lower of the two bottoms or 273.20. There is pocket pivot there as well. Sometimes it is a good idea to tuck your stop loss somewhere that everyone else is not using as a stop level in case Mr. Market goes stop hunting.
Several bearish moving average crossovers above but that is not unusual at the bottom. There will be resistance overhead and possible short lived rallies up as sellers sell that are stuck up there somewhere. Former parabolic arc so possibly still some volatility lurking around any corner.
All time low is 59.54. All time high is 588.84
No recommendation.
This pattern was looking like a bullish bat, but passed the .886 fib level and hit the prior bottom. Double triple and multiple bottoms can form solid support. It shows a level where bulls make a stand and were not letting price fall any further. I am keeping an eye out to be sure 2nd bottom holds.
This can be a level of strong support, but support and resistance levels were made to be broken. There is only one candle at this 2nd bottom as I type this, but the 2 bottoms are very close in price.
Possible stop under lower of the two bottoms or 273.20. There is pocket pivot there as well. Sometimes it is a good idea to tuck your stop loss somewhere that everyone else is not using as a stop level in case Mr. Market goes stop hunting.
Several bearish moving average crossovers above but that is not unusual at the bottom. There will be resistance overhead and possible short lived rallies up as sellers sell that are stuck up there somewhere. Former parabolic arc so possibly still some volatility lurking around any corner.
All time low is 59.54. All time high is 588.84
No recommendation.