Looks like a flag is Trying to form.
There are no bearish rising wedges in the yearly chart..gaps under price for possible support
NV and obv are both very high..
A flag should be a short term pattern, less than 3 weeks in formation. If a flag goes on too long, it will get too heavy and pull the flag pole down (o: Look at the steepness of your pole to see just how long of a flag that pole can support.
A flag looks like 2 parallel lines that tilt against the trend. A tight flag is often better than a loose flag with lot's of space between price(candles). A pennant looks different and looks kinda like a falling wedge (falling wedges are longer in formation than pennants) attached and the trendlines tend to converge at the apex. The yellow ABC is there for illustration purposes with C being possible low of the flag, A being the beginning of the pole and B as the end of the pole. If you were trading the flag verses the ABC pattern, after flag breaks upper trendline, then C would be a possible stop.
There are several ways to compute targets..You can use the magnet and move your pole to the low point of the bull flag (high point of a bear flag) or some take the length of the pole before the flag is formed and add it o the break out level of the flag. I cheated for this write up because since this flag has not broken out, I do not know for sure where the low point is yet but I am already in this stock. There are other methods as well but i do not know them ..lol and 2 is enough for me. I try not to get overloaded. I have found the forementioned methods yield approximately the same targets for a true flag depending on the size of the flag and the pole. This flag could possible pull back some more and form a longer flag as the pole would support it (unless it got eons long that is). Break out would be a break of the upper trendline and an uptrend for a bull flag.
A flag may appear close to the top or mid way in the price trend but you really need a general uptrend leading up to the flag. Sometimes the flatter the base, the larger the break can be (ie. not a humongous pullback)
Not a recommendation. Someone asked me to do this and I hope it helps (o:
There are no bearish rising wedges in the yearly chart..gaps under price for possible support
NV and obv are both very high..
A flag should be a short term pattern, less than 3 weeks in formation. If a flag goes on too long, it will get too heavy and pull the flag pole down (o: Look at the steepness of your pole to see just how long of a flag that pole can support.
A flag looks like 2 parallel lines that tilt against the trend. A tight flag is often better than a loose flag with lot's of space between price(candles). A pennant looks different and looks kinda like a falling wedge (falling wedges are longer in formation than pennants) attached and the trendlines tend to converge at the apex. The yellow ABC is there for illustration purposes with C being possible low of the flag, A being the beginning of the pole and B as the end of the pole. If you were trading the flag verses the ABC pattern, after flag breaks upper trendline, then C would be a possible stop.
There are several ways to compute targets..You can use the magnet and move your pole to the low point of the bull flag (high point of a bear flag) or some take the length of the pole before the flag is formed and add it o the break out level of the flag. I cheated for this write up because since this flag has not broken out, I do not know for sure where the low point is yet but I am already in this stock. There are other methods as well but i do not know them ..lol and 2 is enough for me. I try not to get overloaded. I have found the forementioned methods yield approximately the same targets for a true flag depending on the size of the flag and the pole. This flag could possible pull back some more and form a longer flag as the pole would support it (unless it got eons long that is). Break out would be a break of the upper trendline and an uptrend for a bull flag.
A flag may appear close to the top or mid way in the price trend but you really need a general uptrend leading up to the flag. Sometimes the flatter the base, the larger the break can be (ie. not a humongous pullback)
Not a recommendation. Someone asked me to do this and I hope it helps (o: