Chart of the Week: Failed Breakout in ATN Holdings (ATN)

After traversing its morning session  high  of P0.80, ATN has opened the afternoon session with a false breakout. Prices attempted a move above P0.80 , but this bullish breakout quickly reversed.

Why does the Bullish Breakout Failed?

The bullish breakout is unsuccesful  becuase ATN respected the Potential Reversal Zone (PRZ) of a Bearish Butterfly Harmonic Pattern with the confluence by the Bearish Divergence between the Price and the Relative Strength Index or RSI.

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