Price is firmly above the important moving averages and the recent inverted head and shoulders pattern shows a possible measured move towards swing high of R66
R50-53 will be the zone to defend by the bulls to keep the idea in play.
An inverted head and shoulder pattern is a common chart pattern in technical analysis that signals an upcoming bullish trend after a period of a bearish trend or consolidation. The pattern is formed by three successive price bottoms, with the middle bottom being the lowest and the two other bottoms being higher on both sides. The pattern is completed when the price crosses above the neckline, which is formed by connecting the high points of the two shoulders. The inverse head and shoulders pattern is the opposite of the head and shoulders pattern and is used to predict reversals in downtrends.
R50-53 will be the zone to defend by the bulls to keep the idea in play.
An inverted head and shoulder pattern is a common chart pattern in technical analysis that signals an upcoming bullish trend after a period of a bearish trend or consolidation. The pattern is formed by three successive price bottoms, with the middle bottom being the lowest and the two other bottoms being higher on both sides. The pattern is completed when the price crosses above the neckline, which is formed by connecting the high points of the two shoulders. The inverse head and shoulders pattern is the opposite of the head and shoulders pattern and is used to predict reversals in downtrends.