Embracer - Breakout or Double/Triple Top
Embracer will either re-test its top or head down from here and do any one of the following:
if re-tests top:
1.) head back down to the bottom of the wedge around 220 sek
2.) break below the wedge forming a double or triple top and head down to 166 sek
3.) break above the top and continue up to the yellow line above it making a new all-time-high around 309 sek
if no re-test of top:
- option 1 or 2 only
Of note - Leaning towards bearish scenario here considering that the largest volume sell that has ever occurred was on the previous weekly candle, which also happened to be a rather small candle relative to its massive volume, though bullish is still possible with recent acquisitions.
if re-tests top:
1.) head back down to the bottom of the wedge around 220 sek
2.) break below the wedge forming a double or triple top and head down to 166 sek
3.) break above the top and continue up to the yellow line above it making a new all-time-high around 309 sek
if no re-test of top:
- option 1 or 2 only
Of note - Leaning towards bearish scenario here considering that the largest volume sell that has ever occurred was on the previous weekly candle, which also happened to be a rather small candle relative to its massive volume, though bullish is still possible with recent acquisitions.
Comment:
Embracer stock split, presently sitting at 89. 89 x 2 = 168, just slightly above TP 1 of our double/triple top. TP 2 would take it to approx 119. 119 / 2 = ~60. Looking for a move down to 60
