Hello all and good afternoon to everyone.
The last 2 candles closed as reversal doji candles with today's candle looking to be the same.
This is suggesting a local top and move back down to the .5 fib for support and bottom of this rising channel. Considering that we are above the 55D EMA and a golden cross of the 21EMA is imminent, it is probable that any fall in price will be met with demand and a recovery in price back up towards the 200D EMA and possibly above it at some point. If this rising channel breaks to the upside, potential targets are marked on the chart. Rising channels tend to break to the downside however at this point I personally am leaning towards the likelihood of that not taking place.
On the weekly chart I have been contemplating this pattern to ultimately play out. The descending broadening wedge has a 72% success rate.
Not financial or trade advice.
The last 2 candles closed as reversal doji candles with today's candle looking to be the same.
This is suggesting a local top and move back down to the .5 fib for support and bottom of this rising channel. Considering that we are above the 55D EMA and a golden cross of the 21EMA is imminent, it is probable that any fall in price will be met with demand and a recovery in price back up towards the 200D EMA and possibly above it at some point. If this rising channel breaks to the upside, potential targets are marked on the chart. Rising channels tend to break to the downside however at this point I personally am leaning towards the likelihood of that not taking place.
On the weekly chart I have been contemplating this pattern to ultimately play out. The descending broadening wedge has a 72% success rate.
Not financial or trade advice.