A Multiple CONSOLIDATION on 200 EMA acting as SUPPORT

The price has been a steady uptrend before now, several consolidation has occurred on the 200 EMA. looking at the chart there is a valid trend-line acting as support and price tends to create ATH in may on the 10th to be exact and after which price created a lower High. A pennant chart has been formed which if a break below the price 83.956 happens then we are seeing a trend reversal. A quick short opportunity is possible on lower timeframe.

Zlecenie aktywne:

Consideration the over-all trend which is Bullish, we are open for a bullish entry opportunity but also considering the possibility of going short with the price action and consolidation formed on the 200 EMAs over the past couple of weeks. the pennant is known to be a trend-reversal or continuation pattern, price action could move in the bullish direction or reverse for a correction, most importantly I will update with smaller timeframe for the opportunities when they arise.

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So we have been able to achieve our SHORT Target. It was indeed an High Probability trade, let's look out for money trading opportunities.