Setting Up For Futher Continuation

Thanks for checking out my idea!

I'm seeing a falling wedge pattern. Which is a setup for bullish continuation. We're holding onto the 26 day moving average and that's a good sign for the bulls. The 12 day moving average above it(green line) could cause a pinch between the two . If we break the 26 day MA because of this we'll probably test the bottom line of the wedge again. Which leaves the possibility of breaking it. So have stops set to protect your money. What the bulls really want to see is an immediate break of the 12 day MA, and the upper trend-line in the next day or so with the momentum we currently have.

Good luck guys! Drop me a like if this was helpful or if you found it interesting.

Comment:

Tested and broke the 26 day MA quicker than I expected. We also re-tested the bottom trend-line for a 3rd time as I said we would if we broke the MA. I think this cements that line is at least in play. My move would be to set stops under the bottom trend-line if you're in a position.

If you're looking to enter a position I might wait for a daily trend change. So setting a buy order just above the recent high of $9,147 might be a good play. The risk $7,300 wasn't quite our bottom is still fairly high without that change in trend.

Regardless of my analysis remember its up to you to keep your money safe.

Comment:

Seems to have held the bottom line for the 4/5th time. If we start some trend changes on the shorter time frames I would expect a test of the upper trend line.