Jubilee metal plummeting after a dangerous pattern target R1.16
We saw a Breakout Falling Wedge pattern form on JBL.
The price then broke above BUT did not confirm and penetrate above the 200MA.
This caused a major fakeout and shakeout and caused the price to drop.
Sometimes this type of move is a stronger indication of a reversal.
Hence, the price has broken below the Falling Wedge and now has a target of R1.16.
200 >21>7 MA - Bearish
RSI <30 - Bearish
Target R1.16
LESSON LEARNT
When a Breakout pattern fails and breaks below the pattern, this can confirm a major reversal and a high probability trade in the other way.
The price then broke above BUT did not confirm and penetrate above the 200MA.
This caused a major fakeout and shakeout and caused the price to drop.
Sometimes this type of move is a stronger indication of a reversal.
Hence, the price has broken below the Falling Wedge and now has a target of R1.16.
200 >21>7 MA - Bearish
RSI <30 - Bearish
Target R1.16
LESSON LEARNT
When a Breakout pattern fails and breaks below the pattern, this can confirm a major reversal and a high probability trade in the other way.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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