Lower swing high is potentially bearish
Nevertheless, recent highlights until last Friday at 31.03 shows that is also a weekly high, a failure of the Bull-Breakout that recently took place above the downward line and 50-day Ma. The advance ended around 61.8% Fibonacci racement at 30.98. It started from a lower swing layer in December that formed a double bottom pattern. Subsequently, a small parallel rising trend channel was formed, which is a potential bear flag. Note that it was after a sharp fall in the Swing High of 12 December.
Bear flag pattern Triggers
Today’s drop shows offered the first bearish trigger for the flag pattern when trend support was broken. If there is further bearish confirmation, a lower swing high will have been formed. The dominant pattern is a bearish trend channel that started after the High of October of $ 34.87 and it could exert its influence now that there have been clear signs of further weakness.
Further bearish confirmation will be indicated on another drop below the 20-day ma, and then the interim higher swing layer in the flat pattern at 29.50. A drop below that price level will offer a clearer Bearish signal, indicated a demolition of flag formation.
Lower goals go to 27.11
Nevertheless, patterns do not always follow because they can support, can be seen again around December Swing Low at 28.75 hours. A little lower is the retracement level of 78.6% at 28.27. There are also two lower price goals of two falling ABCD patterns. One focuses on 27.47 (light blue) and the other 27.11 (Purple).
Look for a look in all the economic events of today Economic calendar.