IFF Descending Broadening Wedge
On the monthly chart: We can observe an upward trend channel between 2011 and 2019. During this period, the price remained above the MA50, and a breakdown below this support line of the channel resulted in a prolonged consolidation phase.
In 2021, there was a final push upwards, leading to a new All Time High of $147.80, after which the bears took control. The price fell into a descending broadening wedge pattern and broke structure so it suggests further downside potential unless we break structure on the up side.
Both the MACD and RSI show bearish indications on the monthly chart. If the price continues to decline, an RSI reading of 18.72 on this timeframe might indicate a possible bullish divergence.
Please write in English language.
In 2021, there was a final push upwards, leading to a new All Time High of $147.80, after which the bears took control. The price fell into a descending broadening wedge pattern and broke structure so it suggests further downside potential unless we break structure on the up side.
Both the MACD and RSI show bearish indications on the monthly chart. If the price continues to decline, an RSI reading of 18.72 on this timeframe might indicate a possible bullish divergence.
Please write in English language.
Tims.Technische.Analyse by TIMTIBBO
