Higher timeframe usage here.
We have a weekly pennant, with both trendlines starting to come into the picture.
If you go back a month, we actually predicted this right shoulder forming and now we have perfect confluence.
We had a very tight weekly trading area last week and we need to break this support for the next wave of bearish momentum. If it holds, expect 139 and perhaps another test of that zone marked up.
Also, the short term Double Bottom you can see between the head and right shoulder has fully played out and the only technicals we now have are bearish.
We have a weekly pennant, with both trendlines starting to come into the picture.
If you go back a month, we actually predicted this right shoulder forming and now we have perfect confluence.
We had a very tight weekly trading area last week and we need to break this support for the next wave of bearish momentum. If it holds, expect 139 and perhaps another test of that zone marked up.
Also, the short term Double Bottom you can see between the head and right shoulder has fully played out and the only technicals we now have are bearish.