Alright, this one’s a little interesting. Here, it seems like we have ourselves a bullish falling wedge pattern, but we actually got a massive rejection on the initial breakout. Since the rejection, it actually hopped back into its original pattern, consolidated for a bit, and then began to break to the downside. Currently, we have a very minuscule green candle which still closed below the pattern. The flow is looking very bearish on both the ask & bid sides, so it looks like we may be seeing a confirmation of a rejection. If this continues down to $12.13, we may see some further pullback. If it breaks $12.13 and continues down, I’ll be placing a short position with a target of ~$9.00. There’s a chance we can see a rejection at the $12.13 line of support and make another try to the upside, as the RSI is closer to the oversold position at 40.80. For me to be bullish in the short-term, I need a break of the $14.92 line of resistance. When looking at the long-term, I need a break of the $19.17 line of resistance, which is a long, long way up.
Retested the lows of the wedge, hasn't broken support so to me it looks bullish. 13.60 looks like hard support
ArmanShabanTrading
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