Hey everyone, this is my first time posting. I'm relatively new to technical analysis as I'm from a software background but I see this as a way to improve my skills and learn more by doing.
Anyways, looking at the four hour chart we can see that a inverse head and shoulders has been confirmed. Whether or not that results in a trend change to the bulls is another story. Currently we are struggling with the pink resistance line at $176 and the major bear trend line . On the bright side we have some good distance from the 200 EMA and 50 EMA , though the 200 EMA is holding on for dear life. If we get to $190, the next place we will likely stop is a $235 resistance as per the inverse head and shoulders price target. $235 should represent the next major resistance if we enter a bullish trend , and with volume looking the way it is I think the odds are good. Also, be sure to keep an eye on the distance between the 50 EMA and 200 EMA .
Hope this helps you visualize things. I will be consistently be giving updates from here on out for you and me. Feel free to give feedback; it would be much appreciated as this is a learning process for me and forever will be!