A nice Risk to reward bounce

First,let us take a step back look at the weekly chart
Taking a look at the weekly rsi , whenever the William R falls below -93% it has created a decent bounce.

On the daily it appears to be at the bottom of a downwards channel and also it is reaching support from June 6.
However, that does not necessarily mean it is time to buy right now as there is not enough evidence for my liking that it will necessarily bounce off the support this coming monday (Jan 13)

I will wait for it to form some sort of base and hug the support, and once there is a bullish signal such as a bulish divergence on the rsi and/or william r% maybe on the daily and 2 hours. A conservative target would be just above the daily 55EMA and a more aggressive target would be the 200 EMA and the top of the channel. Either target provides a decent risk to reward ratio.

Comment: looks like the whole scare impacted this trade but it also seems like the sp500 is starting to recover and a new play may occur as it is now in a wedge with bullish divergence.
keep in mind that earnings occurs on feb 13


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