An inverted Head and Shoulder pattern seen in BNF, 15M TimeFrame. neck line is weak, but 2nd shoulder is firmly in place. If price breaks the 3 resistances above (46700, 46850, 47000), it could make a good recovery most likely with a cup and handle formation. This recovery will most likely sustain and revert to a parallel channel in 4H TF.
Comment:
There is good resistance at 46923 and support at 46546. If price opens near 46923 and rejects, it's a good opportunity to short. T1 can be 46699. T2 can be 46546.
Trade closed: target reached:
BNF didnt reverse from potential points, moved with good bullish momentum and had reached all time high.
If price respects the parallel channel and doesnt break 46670, we can expect price to move down and fill the gap before trying to bounce back again. In this scenario, I'm watching 46360 as target and level for bullish reversal