The Commodity Pair is trading in a rising wedge. For a rising wedge to be complete it should have a climax before formation. In this case we have seen a climax and after that the formation has formed.

Rising Wedge is one of the Best patterns tested, the failure rate of the pattern is less than 13% which is excellent.

Pullback and Throwback are rarely seen in the pattern, and a breakout of a rising wedge is 92-93% downside. Volume after breakout is high, while the pattern is irrelevant.

Commodity is trading below 5 EMA and is expected to trade below 23 EMA.

MACD is showing divergence and a crossover is also expected nearby.

RSI is showing divergence and touched the 70 level and again retested 60level but was not able to maintain the level and close at 57 level below the pattern.

Sell

Jul 28 2021

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