Barloworld just broke under the Double Top pattern - Target R64
M Formation formed on the daily with Barloworld.
The price broke below and this tells us the supply (selling) is stronger than the buying.
We have other technical signals confirming the downside momentum.
200>21>7 - Bearish
RSI <50 - Lower highs
Target R64.17
SMC
Above the second rounding top is a Buy Side Liquidity Order Block.
This is where Smart Money came up swept buying from (long traders) and stops from Short traders.
They sold into the buying, which caused a price drop.
Hence, they are predominately short in the market.
The price broke below and this tells us the supply (selling) is stronger than the buying.
We have other technical signals confirming the downside momentum.
200>21>7 - Bearish
RSI <50 - Lower highs
Target R64.17
SMC
Above the second rounding top is a Buy Side Liquidity Order Block.
This is where Smart Money came up swept buying from (long traders) and stops from Short traders.
They sold into the buying, which caused a price drop.
Hence, they are predominately short in the market.
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