The stock has made a rather large bearish move, that has closed beneath the support/resistance line. It has reversed and made a smaller bullish move and is now at the previously mentioned support/resistance line. We are expecting the price to bounce of this line and make another bearish move. If we see a breakout to the bullish side, we are waiting for the confirmation of the bullish move, and the entering a long position.
On the four hour chart we can see, that the price has recently broken the support/resistance line, that could indicate a smaller bullish move if we see a confirmation of the breakout.
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On the four hour chart we can see, that the price has recently broken the support/resistance line, that could indicate a smaller bullish move if we see a confirmation of the breakout.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!