After the Diamond pattern had formed we saw a strong upside bounce. Target 765 area has been reached.
In the daily chart we see the double bottom turning into a bearish pennant. The pole shows the down trend followed by the consolidation period. Inside the pennant price is making lower highs and higher lows.
The consolidation period has lower volume, including the breakout candle.
However, I think that today’s breakout is actually a fakeout.
Daily chart stochastic seems overbought , too.
Now I expect soon a breakout to the downside.
I went short @760.
What do you think?
Just guess work. Maybe I‘m wrong. No financial advice! Thanks.
In the daily chart we see the double bottom turning into a bearish pennant. The pole shows the down trend followed by the consolidation period. Inside the pennant price is making lower highs and higher lows.
The consolidation period has lower volume, including the breakout candle.
However, I think that today’s breakout is actually a fakeout.
Daily chart stochastic seems overbought , too.
Now I expect soon a breakout to the downside.
I went short @760.
What do you think?
Just guess work. Maybe I‘m wrong. No financial advice! Thanks.
