Farfetch has had a real selloff this past year and for good reasons. Gap down from last earnings, slowly grinding down with major divergence on different indicators and possibly rounding off in this falling wedge pattern. Good risk to reward for me to take some calls and see what happens into earnings. Breaking out of the wedge this week could be a very nice swing to the upside. Target is $11 give or take some pennies.
IF this chart invalidates this falling wedge by breaking below $7 I would be very surprised. The contraction in sellers lately SEEMS to show a rounding off pattern currently and I expect a break upwards this week. With the the chart pattern and major divergence on the MACD and RSI I am allocating a little more risk that I am usually comfortable with.
This is my first analysis on TradingView feel free to comment or message me directly I am constantly trying to get better as a trader.
Trade active
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Good day today up 6.5% going to watch closely for continuing price action.
Trade closed manually
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Been a good ride so far currently around $9.06 12 PM 10.30. I closed my position to play the rate cut meeting today in two hours, will post my other position soon.