Tested and pullback from the high of the previous peak thus setting a potential double top chart pattern in the process. At the same tine on closer examination there is also a potential ascending triangle as shown in red. This ascending triangle formation will be invalid if price breaks down below the sloping support of the triangle. A breakout above the red horizontal resistance will confirm the ascending triangle.
The potential double top formation will be confirm only if there is a breakdown below the pink support zone and will be invalid if price manages to clear the red horizontal resistance line.
View chart at
http://tactcharts.blogspot.com/2010/03/z-obee-potential-double-top-or.html
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