Kraft Heinz has given a breakout of a symmetric pattern on a daily time frame on the downside confirming a downtrend. The price action is conforming to the downtrend by making HL and LH.

The price is trading above the Fast(18) and Slow (45) EMA indicating a downtrend whereas the Fast and Slow EMA is trending which itself suggests the trend is negative.

On the momentum front, the RSI is supporting the price action by forming HL and LL formations.

On the ADX front the Di- is trading above Di+ indicating a negative trend whereas ADX trading above the DI- indicates strength.

Hence based on the technical setup a short position can be made in the security.

Symmetric Pattern breakdown

Oct 15 2023