AMB appears to be in a falling wedge. The 4 hour stoch is very oversold as well as the RSI. I'm going to enter AMB with a small position and average down as needed until we see a bounce.
The target for this trade is to make it to wedge resistance and then reevaluate to consider holding through the possible breakout.
The target for this trade is to make it to wedge resistance and then reevaluate to consider holding through the possible breakout.
Comment:
This is looking good so far. Some big buys came in and we definitely bounced off of the support of the wedge. Hopefully the next stop is to actually break out. My stop-loss would be if we fall out of the wedge formation and break support.
Trade closed: target reached