Analyzing the 1-day chart, we observe a potential Head and Shoulders pattern emerging, indicating a possible upper momentum reversal. However, an alternative scenario suggests a Head and Shoulders pattern on a downtrend reversal, contingent upon a failure to breach the critical resistance level at 44.65.
Key points to watch:
Resistance level: 44.65
Pattern validity: contingent on breakout or rejection
A breakout above 44.65 could validate the upper momentum reversal, while a rejection may confirm the downtrend reversal scenario.
Key points to watch:
Resistance level: 44.65
Pattern validity: contingent on breakout or rejection
A breakout above 44.65 could validate the upper momentum reversal, while a rejection may confirm the downtrend reversal scenario.
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