Although we posted a Bearish Outside candle on Thursday the 20th of July, a pattern that often indicates the end of a bullish trend and the start of a new downward bias, we look for further losses to be limited.
We are assessed as being within the corrective BC leg of a large Bat formation. This bearish pattern will not be completed until $2,044. A common retracement level for this leg is 38.2% of the last rally. This support zone is located at $1951. We have bespoke support located at $1950.
The intraday chart highlights $1951 as the completion of a bullish BAT formation.
Conclusion: although there is scope for further losses, we look for the downside to be limited with a confluence area located between $1951 and $1950
We are assessed as being within the corrective BC leg of a large Bat formation. This bearish pattern will not be completed until $2,044. A common retracement level for this leg is 38.2% of the last rally. This support zone is located at $1951. We have bespoke support located at $1950.
The intraday chart highlights $1951 as the completion of a bullish BAT formation.
Conclusion: although there is scope for further losses, we look for the downside to be limited with a confluence area located between $1951 and $1950
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.