W Oracle
By:TradingView
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Following the previous idea, which confirmed the reversal momentum upon breaking above the weekly 10 SMA, it is now time to take a closer look at the bullish structure that has formed.
The price has formed a double bottom, with the second low at $134.5 resting on the support level indicated in blue.
The double bottom pattern will only be confirmed with a close above $171, which would activate the next target in the $207 area. A retest of the $171 level is highly likely after the breakout before the move toward $207 continues.
Prior to the breakout, a correction toward $156 is possible to fill the large GAP created by the initial breakout.
Stay tuned for further updates
If you find my ideas helpful, please leave a like
The price has formed a double bottom, with the second low at $134.5 resting on the support level indicated in blue.
The double bottom pattern will only be confirmed with a close above $171, which would activate the next target in the $207 area. A retest of the $171 level is highly likely after the breakout before the move toward $207 continues.
Prior to the breakout, a correction toward $156 is possible to fill the large GAP created by the initial breakout.
Stay tuned for further updates
If you find my ideas helpful, please leave a like
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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