Initially from the fist part, I thought it was a double bottom W formation and it worked till 16$ but couldn`t break the blue line that`s the resistance and went down again.
The good thing is it found the same resistance yesterday at 13.55 which is the bottom on the first wave.
Hence I firmly believe, as you can see from the black line I draw, we see a reverse shoulder head shoulder formation.
To confirm this, we need to see green till end of the weak and stay above 13.55.
Reverse SHS is the mark of trend reversal. With this formation if it occurs, I think we can say the bearsih move Gnog was in since December will change.
The only risk is S&P 500 and NASDAQ are coming down from their peak. This might limit the ascend of GNOG I expect but GNOG already had its correction so downward way is limited.
The good thing is it found the same resistance yesterday at 13.55 which is the bottom on the first wave.
Hence I firmly believe, as you can see from the black line I draw, we see a reverse shoulder head shoulder formation.
To confirm this, we need to see green till end of the weak and stay above 13.55.
Reverse SHS is the mark of trend reversal. With this formation if it occurs, I think we can say the bearsih move Gnog was in since December will change.
The only risk is S&P 500 and NASDAQ are coming down from their peak. This might limit the ascend of GNOG I expect but GNOG already had its correction so downward way is limited.
Trade active:
as expected we bounced back from 13.55. Good let`s see the whether we can break that blue resistance. If not then we will see a tight squeeze towards earning time but from this point on I am bullish and long.
Trade active:
following the black line for a week. Moment of truth is the next 2 days whether we break or not