Possible H&S pattern
There is a good chance of forming a head & shoulders as the current bull pattern is obstructed by a rather weak resistance line. However the 38.2% fibo level which is drawn to the last ATH bull run on 1D chart lies directly in the way of current upward trend and it coincides with the resistance line. 38.2% fibo level is also the resistance level of previous local high. plus the its very near to the $40 mark, so a physiological resistance is also lies in that point.
So there is a good chance of almost every day trader have placed their sell orders there $39-40. if it bounce off and come down, the next hard support is at $27-$29 which is the 61.8% fibo level. then it will bounce off very strongly
So there is a good chance of almost every day trader have placed their sell orders there $39-40. if it bounce off and come down, the next hard support is at $27-$29 which is the 61.8% fibo level. then it will bounce off very strongly
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