Bearish Pennant Formation:
A bearish pennant is marked in red. This is a continuation pattern that typically forms after a strong downward move (flagpole).
It consists of converging trendlines following a sharp price drop, suggesting a potential continuation to the downside.
Breakout and Target:
Price appears to have broken below the pennant, signaling a potential bearish continuation.
A target is marked around $3,005.092, based on the height of the flagpole projected downward from the breakdown point.
Support & Resistance Levels:
Resistance zone around $3,264–$3,267 and upper risk level near $3,400.
Current price is around $3,240.610.
Support/target zone is around $3,005.
Trade Setup:
It appears to be a short trade setup, with the stop loss near $3,370.793 and the take profit near $3,005.092.
The red shaded area indicates potential loss zone, and green shaded area shows profit zone.
This chart suggests the trader anticipates a continuation of the downward trend if the pennant pattern plays out.
A bearish pennant is marked in red. This is a continuation pattern that typically forms after a strong downward move (flagpole).
It consists of converging trendlines following a sharp price drop, suggesting a potential continuation to the downside.
Breakout and Target:
Price appears to have broken below the pennant, signaling a potential bearish continuation.
A target is marked around $3,005.092, based on the height of the flagpole projected downward from the breakdown point.
Support & Resistance Levels:
Resistance zone around $3,264–$3,267 and upper risk level near $3,400.
Current price is around $3,240.610.
Support/target zone is around $3,005.
Trade Setup:
It appears to be a short trade setup, with the stop loss near $3,370.793 and the take profit near $3,005.092.
The red shaded area indicates potential loss zone, and green shaded area shows profit zone.
This chart suggests the trader anticipates a continuation of the downward trend if the pennant pattern plays out.
Disclaimer
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.
Disclaimer
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.