The price action is near at the pennant's resistance but this time the bulls got weak even before touching the pennant's resistance.
There is also a bearish shark formed and it is likely to be completed now and the price action is in the potential reversal zone of this pattern.
The 25MA is bearish and moving down to give a death cross with 50MA. We also have pivot point at the support of pennant and I am expecting that the price action will touch this pivot and move up insha Allah.
The re-buy can be 0.50 to 0.786 fibonacci of C to D leg of shark pattern. But the buying depends when the price action will touch or drop near pennant's support and what signals the other indicators and oscillators will give us at that time whether more bearish or bullish. Insha Allah I will give update on it.
Regards,
Atif Akbar (moon333)
There is also a bearish shark formed and it is likely to be completed now and the price action is in the potential reversal zone of this pattern.
The 25MA is bearish and moving down to give a death cross with 50MA. We also have pivot point at the support of pennant and I am expecting that the price action will touch this pivot and move up insha Allah.
The re-buy can be 0.50 to 0.786 fibonacci of C to D leg of shark pattern. But the buying depends when the price action will touch or drop near pennant's support and what signals the other indicators and oscillators will give us at that time whether more bearish or bullish. Insha Allah I will give update on it.
Regards,
Atif Akbar (moon333)