The Long Investor

$SHOP TOP 20

Added 2024-06-19 19:32:42 +0000 UTC

Couple of comments mentioning a potential head and shoulders pattern forming here and although it is possible, it is not standard looking and when there is an ascending neck line like this, we have a clear support/resistance line to show us where we would need to potentially sell to save us from any downside, which is the yellow support line we have been using anyway.

So in our case right now, the yellow support line is at $60 so if this is lost i.e. it breaks down, tests the yellow line from below and rejects trying to get back above the yellow line, then we have our sell signal and we will wait for the price to fall into the Buy Zone and start adding again.

This post is just an alternative view, I am not leaning on this forming a head and shoulders pattern but addressing a concern and now we know that $60 is our support/resistance line.