RenderLong
RNDR : BULLISH, Despite the Dip - Here's Why👇
RENDERUSD A rare pattern is observed on Render in the daily - a near perfect W Bottom pattern.
Now there are a few rules for a chart pattern to qualify and we're not quite out of the woods yet. The next phase should be a retest of the neckline, where we need to keep CLOSING daily candles ABOVE. A break under this support zone will invalidate the pattern.
From a technical chart analysis perspective; if you trade chart patterns you should be able to successfully take a long on the support zone. All considering, this will be a medium-risk trade:
Another confirmation from technical indicator, the green trendline is a potential wick zone (price on the right pane):
Falling perfectly in the center:
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