After the -29% drop from its current high at $222.14(lossing $64.55), price has been forming a long and huge falling wedge which price got to at the resistance and pulled back down, respecting the down-sloping resistance trendline.
Shape Price follows two down-sloping and converging trendlines. Breakout should most times be the average distance from the breakout is 61% of the way to the triangle apex (where the trendlines join).
Most importantly, Wait for a close outside one of the trendlines before taking a position. Tall patterns perform better than do short ones.
Volume trends downward 75% of the time until the breakout, breakout can be in any direction but is upward 68% of the time.
Breakout price: $202.86
Resistance 1: $222.14
Resistance 2: $263.36
Resistance 3: $302.92
Resistance 4: $357.78
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice
Shape Price follows two down-sloping and converging trendlines. Breakout should most times be the average distance from the breakout is 61% of the way to the triangle apex (where the trendlines join).
Most importantly, Wait for a close outside one of the trendlines before taking a position. Tall patterns perform better than do short ones.
Volume trends downward 75% of the time until the breakout, breakout can be in any direction but is upward 68% of the time.
Breakout price: $202.86
Resistance 1: $222.14
Resistance 2: $263.36
Resistance 3: $302.92
Resistance 4: $357.78
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice