Cityneon could be forming an inverted Head & Shoulders (H&S), a potentially bulllish formation, one of my favourite patterns to trade! See explanation for this chart pattern here.
I have drawn a slanted as well as a horizontal neckline. Initial entry is at 0.91 (based on the slanted neckline) and should it be able to go above 1.00 (horizontal neckline), then the inverted Head & Shoulders formation is double confirmed.
Should Cityneon be able to break above 1.00, I will look to take partial profits at 1.08 and then 1.20. Of course, projected target may not materialise (though the odds are quite good with a H&S formation, but odds aren't guarantees), hence trailing stops are still required on the way up.
