Although we posted a Bearish Outside candle on Thursday the 20th of July, a pattern that often indicates the end of a bullish trend and the start of a new downward bias, we look for further losses to be limited.
We are assessed as being within the corrective BC leg of a large Bat formation. This bearish pattern will not be completed until $2,044. A common retracement level for this leg is 38.2% of the last rally. This support zone is located at $1951. We have bespoke support located at $1950.
The intraday chart highlights $1951 as the completion of a bullish BAT formation.
Conclusion: although there is scope for further losses, we look for the downside to be limited with a confluence area located between $1951 and $1950
We are assessed as being within the corrective BC leg of a large Bat formation. This bearish pattern will not be completed until $2,044. A common retracement level for this leg is 38.2% of the last rally. This support zone is located at $1951. We have bespoke support located at $1950.
The intraday chart highlights $1951 as the completion of a bullish BAT formation.
Conclusion: although there is scope for further losses, we look for the downside to be limited with a confluence area located between $1951 and $1950
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.