The orange lines show a descending wedge which was broken to the upside. The green lines form a possible channel into the future. The black line is variable moving average with support right at the bottom of the last candlestick. The blue line is another possible support zone if next week brings forth more selling pressure. If the green channel holds, we might see a move up to the $37.50 area to test resistance from earlier trading sessions. Also, since IQ has tested all-time .618 retracement level, I don't think .786 is achievable for shorts now, especially after the spike to mid $32. Good luck.
I like your flipturn call. $37.50 might fall with any China positive news.
spikey003
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I recall during our descend two weeks ago, we had very strong support around high $25 ish area (~$25.80). I saw this level hit twice and bounced back before we began our uptrend. Unfortunately, in my honest opinion we should have broken through the $32 levels last week but due to uncertainty in trade, i believe the bigger players didn't jump in which made us get rejected at the $32 resistance. What are your thoughts on this? Do you think we test the $25 level again?
worldsapart89
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@spikey003, I don't think we'll test $25 again. If trade war uncertainty continues, the stock might be range-bound between $32 and $27. I think that China will recover starting October and there will be huge gains for China stock holders throughout 2019.