FET TECHNICAL ANALYSIS 20/9
FET broke out of a multi-month downtrend, performed a decent retest, and looks poised to revisit range resistance (red line). figure 1
FET price broke out of an inverted head and shoulders (IH&S) pattern, suggesting a major upside move. figure 2
A breakout and close above the neckline would complete the setup, signaling a bearish reversal to the upside.
I think it could rise to the $1.90-$2.15 resistance zone as long as the neckline holds as support
This would increase the likelihood of a move toward the pattern’s technical target of $2.30, which would represent a 50% increase from current prices.
“The market structure is changing,” Doji said, adding that he is “very bullish” on the longer-term timeframes.
