he chart features a bullish pennant pattern (marked as (1)), which is typically considered a continuation pattern. The pennant follows a significant uptrend and suggests that, after a brief consolidation within the pennant, the price may continue to rise.
The annotations on the chart appear to indicate the following analysis by the chart's author:
The breakout from the pennant will suggest the start of an uptrend.
There's an expectation of an initial rally to a target ($131).
After hitting the first target, i anticipates a retracement. Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur.
The annotations on the chart appear to indicate the following analysis by the chart's author:
The breakout from the pennant will suggest the start of an uptrend.
There's an expectation of an initial rally to a target ($131).
After hitting the first target, i anticipates a retracement. Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur.
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Resistance around the 125 area .. it will consolidated in this area before its next leg up