Comments on the chart
Commento:
Forgot to mention price is below all the MAs I use. It means it is likely that price is in an entrenched downtrend on this weekly chart
Commento:
Price is slightly below the neckline now. However I normally like a clean break situation not a wishy-washy break like today. There is data coming out later today which could move the market one way or the other
Commento:
Price has bounced off the neckline. However this bounce is not convincing bu any standards on this weekly chart. Still bearish but will only sell a breakdown of the neckline. A TV friend wrote about not being convinced that the H&S pattern was really one. He was right. A proper H&S must have a prior uptrend to reverse from and not just because there are 3 identifiable peaks.
Commento:
Back at the 'neckline' if you can call it that. I think it is more like a up sloping support line now
Commento:
Price has broken the 'neckline' in style. 0.6400 is a possible first target
