By Claus Andersen
04. Juli 2019
15 min chart:
This week (26) we saw a classic reversal pattern. And with the recent weeks patterns we were looking to get another test up. Going in to this week price action was trending down in a bear channel. The trendline was broken followed by a test of bear strength. That is typical. Often this is a continuation pattern, but it is a reversal pattern when the continuation fail. You don’t know what it is going to be before, but you know that there is a good risk reward when this sets up. After the continuation failed price traded sideways and started making higher highs and lows.
Support and resistance levels are updated on the chart.
Have a nice trading week.