The Market is currently in a downtrend. It's hit the support zone and was rejected at 23.6% Fibonacci retracement. It then retested support. A double bottom could be formed if the price breaks out of the support zone. If a breakout of the descending triangle is confirmed, the price would have to break the neckline at 16.351 to continue further movement to the upside.
Entry: 12
TP: 14-16-19.6421.58-24.34-27
SL: 10.904
This analysis would be invalidated if the price fails to break the neckline and if the price continues a downward movement and breaks the support zone.
Entry: 12
TP: 14-16-19.6421.58-24.34-27
SL: 10.904
This analysis would be invalidated if the price fails to break the neckline and if the price continues a downward movement and breaks the support zone.
