NASDAQ:ALXN , as seen in my previous analysis, is in a descending triangle formation on monthly charts and in the weekly charts, more likely in a rectangle formation, again bearish as price has moved into the rectangle from top and likely a continuation pattern, price most likely to breakout downwards.
Will find strong resistance at the top as it coincides with 0.382 Fib Levels. One may be tempted to look at this formation also in context of descending triangle as lot selling interest may start to come a little before Fib 0.382 levels as a lot of institutions look at these levels closely.
Ideal to look at breakouts to trade this chart.
Be patient, but observant. Strike when the right time comes.
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Will find strong resistance at the top as it coincides with 0.382 Fib Levels. One may be tempted to look at this formation also in context of descending triangle as lot selling interest may start to come a little before Fib 0.382 levels as a lot of institutions look at these levels closely.
Ideal to look at breakouts to trade this chart.
Be patient, but observant. Strike when the right time comes.
If you like what you see, please share a thumbs up and do leave your comments