It is often said - "History does not repeat, it rhymes"
Price is making a rising wedge pattern similar to the earlier one (on the left side).
It has also reached the previous resistance.
Q - > Will the next move be similar ?
A - > Not sure right now, but indications of being extra cautious are popping up as the days go by
Indications -
1. The steepness of the rising trendline support - such steep trendlines do not hold for a longer time and normally the support give away
2. Price has developed Bearish divergence with the momentum indicator right at the resistance level
So, at least as a trader we need to keep ourselves close to the exit door.
Happy Trading !
Price is making a rising wedge pattern similar to the earlier one (on the left side).
It has also reached the previous resistance.
Q - > Will the next move be similar ?
A - > Not sure right now, but indications of being extra cautious are popping up as the days go by
Indications -
1. The steepness of the rising trendline support - such steep trendlines do not hold for a longer time and normally the support give away
2. Price has developed Bearish divergence with the momentum indicator right at the resistance level
So, at least as a trader we need to keep ourselves close to the exit door.
Happy Trading !