Descending Scallop but Other Observations
Price movement at the current level makes the chart very interesting. It has formed Descending Scallop pattern and gave breakout with good volume that could have drag the prices to 120 level. However it made a strong bar yesterday and thus formed divergence in RSI oversold Area. So I would prefer to consider it a failed Scallop breakout pattern and look for a opportunity now.
One can go long at the current level by providing Stop Loss of recent low and look for a target of 160.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
One can go long at the current level by providing Stop Loss of recent low and look for a target of 160.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
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