Price has been contained in the downtrending channel for a couple of years now.
Possible double bottom at 1,618 fib, looks like Adam and Eve, but measuring the the distance from left (A) and right edge (C) to middle peak of Feb 2nd bar (B) can be Eve & Eve at the end, which has better success rate. Obviously, a break up from the middle peak will confirm the formation.
Momentum is strongly diverging hinting at a possible break. Mind the break from the channel, as is right at the major supply zone and could be proved fake the first time to confuse longs.
MA 65 works fine in the daily (not shown) and currently is flat sloping. If price breaks above and we get confirmation of the DB, can be really good long trade for bonds.
Cheers
P.
Possible double bottom at 1,618 fib, looks like Adam and Eve, but measuring the the distance from left (A) and right edge (C) to middle peak of Feb 2nd bar (B) can be Eve & Eve at the end, which has better success rate. Obviously, a break up from the middle peak will confirm the formation.
Momentum is strongly diverging hinting at a possible break. Mind the break from the channel, as is right at the major supply zone and could be proved fake the first time to confuse longs.
MA 65 works fine in the daily (not shown) and currently is flat sloping. If price breaks above and we get confirmation of the DB, can be really good long trade for bonds.
Cheers
P.
