Following Chart is of Honeywell Automation which Clearly shows Tweezer Bottom at the Support Level of @39130
The trend must get reversed with Targets anywhere around @48000 to @50000 if the Strong Resistance Level is Broken @45000
The RSI is just reversing from the Oversold Region which hints a nice time to buy.
All in all you will end up with a sweet 11% profit...
The fib retracement drawn between the low on 19th April’21 and hight on 10th May’21 says it can retrace to 135 and then 150 levels.
But now it has formed a Tweezer Top pattern in the daily charts .
Levels to watch out for are 121.05 and 113.35-116.5, which are respected since 2007 and 2011 respectively. If they are breached downwards then those who are holding...
TWEEZER TOP DESCRIPTION
>> BEARISH PATTERN, IDENTIFYING A RESISTANCE LEVEL
>> 2 OR MRE CANDLES WITH THE HIGH POINT ACHIEVING THE SAME LEVEL
>> CANDLES CAN BE EITHER COLOUR
THE UPPER EXTREME OF THE SHADOW REPRESENTS AN AREA F RESISTANCE.
BULLS WERE NOT WILLING TO BUY ABOVE THIS PRICE, SO THE BEARS RETURNED IN FORCE
TO DRIVE THE PRICE BACK...