Are you keeping an eye on the stock market and looking for insights into potential trading opportunities? Well, you’re in luck because we have some exclusive information on a Bearish Symmetrical Triangle Breakdown that you won’t want to miss!
On Tuesday, a breakdown from a large symmetrical triangle consolidation pattern was triggered, followed by bearish follow-through on Wednesday. The market hit a key support zone at 69.58 to 69.18, which includes the confluence of several target levels. This range has stalled the descent for now, but downward pressure remains, indicating potential further downside.
As the market potentially pulls back to test previous support as resistance, there is a resistance zone near the bottom of the triangle pattern from 72.24 to 73.22 to watch out for. However, the breakdown from the triangle pattern suggests an eventual continuation to the downside, with the next lower target potentially at 67.82, followed by Fibonacci potential support areas at 66.58 and 65.48.
The analysis points to the potential for lower prices in crude oil, with an initial target around 43.66 derived from the measuring objective calculation. This exclusive information provides valuable insights for traders looking to stay ahead of the game in the stock market.
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