This could also be called a rectangle top as price leads upward in to this rectangle.
A rectangle consists of 2 parallel lines that bind price action, with the top trendline presenting resistance and the bottom one is support.
This rectangle is $682 wide. Some folks wing trade inside the rectangle which can be risky as eventually a trendline will be broken. The pattern is neutral until a trendline is broken and a trend is established in that direction..
Possible targets for a break upward are listed and also targets if this broke to the downside.
Looks like a cup is trying to form, but I do not see a handle as of yet.
Price has broken through the top Bollinger band set on an 80 DMA verses a 20 DMA which shows extreme buying pressure during it's time in the rectangle. Price has also broken the bottom band which exhibits extreme selling pressure. As a rule price returns to the safety of the bands especially when the DMA is set on 80.
Price is at the top Bollinger band set with an 80 DMA (daily moving average). Borderline overbought with RSI set on 80 and 30 verses the norm of 70 and 30. Price can remain overbought or oversold for extended periods of time. When price is over the band on this setting, it is almost always overbought on RSI, so the bands also can serve as an overbought/oversold indicator. The bands show volatility and are known to expand when volatility occurs.
Price tends to return to the middle of the band at some point. Bollinger bands can act like dynamic support and resistance levels. The bands can also produce a trading signal when they contract. This is more easily seen when the bands are set on their normal settings using a 20 dma and 2 standard deviations. Bollinger bands are not intended to be used alone, are used with other indicators for confirmation, but can show a lot about what is going on.
No recommendation.
A rectangle consists of 2 parallel lines that bind price action, with the top trendline presenting resistance and the bottom one is support.
This rectangle is $682 wide. Some folks wing trade inside the rectangle which can be risky as eventually a trendline will be broken. The pattern is neutral until a trendline is broken and a trend is established in that direction..
Possible targets for a break upward are listed and also targets if this broke to the downside.
Looks like a cup is trying to form, but I do not see a handle as of yet.
Price has broken through the top Bollinger band set on an 80 DMA verses a 20 DMA which shows extreme buying pressure during it's time in the rectangle. Price has also broken the bottom band which exhibits extreme selling pressure. As a rule price returns to the safety of the bands especially when the DMA is set on 80.
Price is at the top Bollinger band set with an 80 DMA (daily moving average). Borderline overbought with RSI set on 80 and 30 verses the norm of 70 and 30. Price can remain overbought or oversold for extended periods of time. When price is over the band on this setting, it is almost always overbought on RSI, so the bands also can serve as an overbought/oversold indicator. The bands show volatility and are known to expand when volatility occurs.
Price tends to return to the middle of the band at some point. Bollinger bands can act like dynamic support and resistance levels. The bands can also produce a trading signal when they contract. This is more easily seen when the bands are set on their normal settings using a 20 dma and 2 standard deviations. Bollinger bands are not intended to be used alone, are used with other indicators for confirmation, but can show a lot about what is going on.
No recommendation.
There is also a suspicious W in this chart