Although we posted a Bearish Outside candle on Thursday the 20th of July, a pattern that often indicates the end of a bullish trend and the start of a new downward bias, we look for further losses to be limited.
We are assessed as being within the corrective BC leg of a large Bat formation. This bearish pattern will not be completed until $2,044. A common retracement level for this leg is 38.2% of the last rally. This support zone is located at $1951. We have bespoke support located at $1950.
The intraday chart highlights $1951 as the completion of a bullish BAT formation.
Conclusion: although there is scope for further losses, we look for the downside to be limited with a confluence area located between $1951 and $1950
We are assessed as being within the corrective BC leg of a large Bat formation. This bearish pattern will not be completed until $2,044. A common retracement level for this leg is 38.2% of the last rally. This support zone is located at $1951. We have bespoke support located at $1950.
The intraday chart highlights $1951 as the completion of a bullish BAT formation.
Conclusion: although there is scope for further losses, we look for the downside to be limited with a confluence area located between $1951 and $1950
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.