Hello Traders,
Looking at the chart for Hastings Group Holdings PLC HSTG we can see price has retraced to the 0.786 fib in log scale. That's quite a deep retracement but price is holding that level. Depending on how you want to draw trendlines here price could either look to be in some kind of descending triangle or a descending wedge. There is a decent bit of bullish divergence on the monthly RSI and price is making a lot of bullish wicks at this level. Breaking out of that downtrend line would be bullish and should see the start of a wave 3. However if the descending triangle plays out and price drops below the low of 168 that would look bearish. Safest thing to do would be to wait for a decision to be made either a breakout or breakdown from that shape and follow the direction but with that bullish divergence on the monthly I think this will break up.
Looking at the chart for Hastings Group Holdings PLC HSTG we can see price has retraced to the 0.786 fib in log scale. That's quite a deep retracement but price is holding that level. Depending on how you want to draw trendlines here price could either look to be in some kind of descending triangle or a descending wedge. There is a decent bit of bullish divergence on the monthly RSI and price is making a lot of bullish wicks at this level. Breaking out of that downtrend line would be bullish and should see the start of a wave 3. However if the descending triangle plays out and price drops below the low of 168 that would look bearish. Safest thing to do would be to wait for a decision to be made either a breakout or breakdown from that shape and follow the direction but with that bullish divergence on the monthly I think this will break up.
Comment:
Check out that bullish divergence on the monthly RSI and those bullish wicks!
Comment:
This is weird, a big wick on the 4hr but not on the daily.
