MCDOWELL_N Analysis- in verge of notable Down move ??!!!

26 Nis 2023

Chart patterns look prudent for the above titled opinion

REASONS

1. MCDOWELL_N has been trading inside a Ascending channel pattern(taking support and resistance at perfect channel levels)(shown below Monthly chart for broad view)



2. Monthly Breakdown by witnessing the January month candle(with volume bump) with low too tested the next month

3. Inside the Ascending channel pattern, it is undergoing the downswing move in the form of descending expanding channel pattern(shown by white trendlines)

4. High and Lower high too formed....but we need lower low in the weekly chart to confirm the upcoming strong bearish move(shown below in weekly chart )



5. There is also a BEARISH PENNANT (shown in the above weekly chart itself) yet to breakdown!!!

6. SL level mentioned @ chart

7. Better to enter after breakdown...if entering now, take 736 as target

8. It needs to break the 730 level for the fat bearish move !!!

9. Will update target levels once it gives breakdown!!!

Let's wait and watch how it moves!!!

Note- Just sharing my view...not a tip nor advice!!!

Regards,
mmjimm

27 Nis 2023

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