From the 4 hour chart, we can see that the price has been hovering around 109.768 for fifteen days. During these fifteen days, the fluctuation has become smaller and smaller; then, we saw a pennant pattern emerge. As we all know, the pennant pattern is a breakout signal, which means if we see a pennant pattern here, a breakout could be near.
William R% stays at an average level, which is good for preparing breakout. And Standard Deviation is in the middle level; it just went down from a peak. So we can say that this means the price comparatively fluctuates less in recent times, which tells us the price is ready for another wave.
The direction of a pennant breakout always depends on the previous trend. If we see the big picture like the daily chart or the weekly chart, the price is upward. So for now, we can expect that the price would break up.
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