FDAX idea 08/15/2018
Head and shoulder pattern completet. Holding at the lower longer term trendline. RSI confirming a meltdown in volatility and volume is low as well.
Nevertheless, it looks like the future will break the lower trendline and the RSI continue its way towards the lower oversold line. Interesting will be to see the increase of volume, which would provide and indication of the strength of the move. I expected this to be these last days, but it may take a bit more time.
I remain short and keep my target with a first level between 12'290 and 12'300. Depending on the strength of the downwards move a further 100 are possible.
Nevertheless, it looks like the future will break the lower trendline and the RSI continue its way towards the lower oversold line. Interesting will be to see the increase of volume, which would provide and indication of the strength of the move. I expected this to be these last days, but it may take a bit more time.
I remain short and keep my target with a first level between 12'290 and 12'300. Depending on the strength of the downwards move a further 100 are possible.
Note
I did not think that the pattern was that decisive for such a strong downward trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.