Price is moving in an uptrend and after a significant rise we can see some weakness and price failed to make a higher high.
It seems like price is making a descending triangle. Descending triangles can occur at the end of an uptrend as a reversal pattern. They also happen in downtrends as a continuation pattern.
In daily time frame, we can see that today’s candle has broken the body of the yesterday’s candle and is facing downside pressure.
There is a support level (yellow line) at 167.580 which is also the lowest price for yesterday. If price breaks this support strongly, we can expect a drop towards the green levels at 166.700 and 165.200
It seems like price is making a descending triangle. Descending triangles can occur at the end of an uptrend as a reversal pattern. They also happen in downtrends as a continuation pattern.
In daily time frame, we can see that today’s candle has broken the body of the yesterday’s candle and is facing downside pressure.
There is a support level (yellow line) at 167.580 which is also the lowest price for yesterday. If price breaks this support strongly, we can expect a drop towards the green levels at 166.700 and 165.200