THE HEAD AND SHOULDERS IS COMPLETE.
$TUT
has climbed 8.45% to $0.01527. The daily chart is showing one of the most bearish patterns in all of technical analysis – a head and shoulders pattern. The left shoulder formed two weeks ago at $0.01550. The head formed last week at $0.01600. And the right shoulder is forming right now at $0.01527. Once this pattern is complete, the downside target is typically the distance from the head to the neckline. That would put the target around $0.01400. That is an 8% drop from the current level. The RSI is at 68, which is approaching overbought territory, but the pattern itself is a powerful reversal signal. The volume is also declining, which suggests that the buying momentum is weakening. I am watching this closely because if the price breaks below $0.01500, the pattern would be activated. What is your perspective on TUT?
$TUT
has climbed 8.45% to $0.01527. The daily chart is showing one of the most bearish patterns in all of technical analysis – a head and shoulders pattern. The left shoulder formed two weeks ago at $0.01550. The head formed last week at $0.01600. And the right shoulder is forming right now at $0.01527. Once this pattern is complete, the downside target is typically the distance from the head to the neckline. That would put the target around $0.01400. That is an 8% drop from the current level. The RSI is at 68, which is approaching overbought territory, but the pattern itself is a powerful reversal signal. The volume is also declining, which suggests that the buying momentum is weakening. I am watching this closely because if the price breaks below $0.01500, the pattern would be activated. What is your perspective on TUT?