It has formed a Head and Shoulders pattern on the 4-hour chart, and it is hovering around the bullish trendline from the previous year. The direction it takes is uncertain at this point. However, based on the bearish pattern, it is expected to move downwards. It's worth noting that many Head and Shoulders patterns have failed to materialize, especially on large caps and indices that are heavily anticipated by the market.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.