Price is flagging below the 20 day moving average and may breakout is possible with a successful break of R105.
Another alternative is the pattern (symmetrical triangle) first breaks to the downside to create a bigger double bottom before finding enough buyers to go test R118-120 again.
In trading, a symmetrical triangle is a chart pattern formed by connecting lower highs and higher lows with converging trendlines. It signifies a period of indecision and balance in the market. Traders wait for a confirmed breakout with increased volume to take action. The breakout can be bullish or bearish, and the measured move technique helps estimate potential price targets.
Another alternative is the pattern (symmetrical triangle) first breaks to the downside to create a bigger double bottom before finding enough buyers to go test R118-120 again.
In trading, a symmetrical triangle is a chart pattern formed by connecting lower highs and higher lows with converging trendlines. It signifies a period of indecision and balance in the market. Traders wait for a confirmed breakout with increased volume to take action. The breakout can be bullish or bearish, and the measured move technique helps estimate potential price targets.