I've been making my attempts at day trading but have failed a few trades, so I've decided to take a step back to my long term strategies and continue there where my skill set is better suited.
If you're new to trading feel free to do some reading:
This could go on into July, however I'd like to believe that we should finally break this downward on news by the end of the month.
StochRSI is low and signaling buyers. However, it has done this during the downtrend before and been really deceiving. I don't trust it anymore.
is in the green and crossed over awhile back (uptrend)
is at 53.92 so we could go either way which leads me to believe more consolidation.
RVI is 63.31. which is about right considering the "volatile" consolidation.
is bottoming here which is a good sign signaling that we're going to see some buying to push us out of the triangle.
Our 15EMA is closing in on the 50MA which previously during the downtrend performed well with my shorts in signaling when to sell. In this case we're in the opposite scenario where it should be signaling us to buy as the closes in on the MA.
The safest trade is to wait for a breakout above the downward and go long, however if you're into trading smaller time-frames attempting the pennant's price movements may be for you.