Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
In this case safe stop loss would be upper trendline which will act as support as today supported. So now if breaks again trendline supprt then downtrend possible.
No, you are missing imerging H&S pattern.
See weekly chart and then see Left shoulder and HEAD has been created and Right hand Shoulders High is created , now if 436-440 is not broken then perfect Righ hand shoulder will complete the pattern.
No thats no rule but few traders prefer that one which is more reliable .
As we can use strick stop loss near resistence of 360 for short and if works then take entry for H&S pattern if it brokes neckline.
It will take longer time to perform all these chart.
Till than we can earn small amount of retun will less risk.
As per your question as well as analysis ,its perfect , but as we have seen the momentum from last 1 week and strength of buying has increased and now silent and now if it goes above 340 level then more chances for higher Target instead of H&S pattern forming.
But as seen in your chart ,trendline resistence is at 360 which can bring prices down for few days but now in long term , it will go up .
Its jusy my view.
Thanks for Analysing
For short term i believe that it will break 436-40 resistence and will go up based on todays support & price action.