FCPO TRADING : 265) a breakout frm head-and-shoulder pattern

based on my analyst on 16th Feb 21, as long as the support range frm 3500-3540 hold, then we have a chance to see a rebound to further high,
but unfortunately, that support level didn't hold. Instead, a breakout frm a classic head-and-shoulder pattern appears and a reversal has happened...the "neckline"---3540 has been broken down, and new low reached 3460...meaning that the 3500 support no longer valid...next level of structural support is visible at 3200-3300, although there is some support in 3420, let's see how it holds against the bear...
officially, a lower-low is formed in hourly chart and a breakout frm the neckline of head-and-shoulder pattern indicate a strong sense of reversal to the bear...
we are expecting a series of breakout to the downside and short on rebound is probably the market's offer right now...
PS : some ppl/traders try to get involve in every single movement and expect themselves to be profitable every single time, that is ridiculous.
u either follow the trend (trend-trader) or u do counter-trend trade (advanced patterns)...it is very rare that u have a strategy which works on both side...so stick to one...be safe...

*plan your trade and trade your plan... gud luck*

immediate resistance : 3540-3560

higher resistance : 3560 -3720

support : 3420

lower support : 3200-3300


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