This one broke up above rising wedge on earnings. Long if sufficient pull back.
Rising wedges are usually bearish, but is often a long term pattern before stock falls out. So if you watch the market daily, you can just keep an eye on bottom trendline of rising wedge. Or you can ignore them. My trader friend says they are "too" bearish and can be bullish. We are all different. I do not like them if going long. Too many different stocks for me to trade without asking for possible trouble
I have seen a stock in a rising wedge beat the stew out of earnings and go down down.
Since the covid crash, rising wedges are everywhere. I rarely saw them before. Many stocks have already fallen out and recovered. Rising wedges are caused by a whole lot of buying without healthy pull backs. Seems to me at a certain point, there are no buyers left because everyone who was gonna buy already did. Then Boom! Down she goes. I guess it is a supply and demand thing.
Falling wedges can be bullish, especially at the bottom and can serve as a reversal signal if the stock breaks up and out of the falling wedge.
Earnings were good for this one. I like the stock. I do not recommend it, nor would I buy it today.
There was also a symmetrical triangle KKR broke out of. KKR would need to go to 31ish or lower to break the wedge pattern. But I see a very small gap that may hold at 32.3ish. A strong stock often only dips out briefly or maybe not at all I guess. Nothing is written in stone. Patterns are just patterns. Not the bible
Be safe! And this is just my opinion/everyone has one (o:
Rising wedges are usually bearish, but is often a long term pattern before stock falls out. So if you watch the market daily, you can just keep an eye on bottom trendline of rising wedge. Or you can ignore them. My trader friend says they are "too" bearish and can be bullish. We are all different. I do not like them if going long. Too many different stocks for me to trade without asking for possible trouble
I have seen a stock in a rising wedge beat the stew out of earnings and go down down.
Since the covid crash, rising wedges are everywhere. I rarely saw them before. Many stocks have already fallen out and recovered. Rising wedges are caused by a whole lot of buying without healthy pull backs. Seems to me at a certain point, there are no buyers left because everyone who was gonna buy already did. Then Boom! Down she goes. I guess it is a supply and demand thing.
Falling wedges can be bullish, especially at the bottom and can serve as a reversal signal if the stock breaks up and out of the falling wedge.
Earnings were good for this one. I like the stock. I do not recommend it, nor would I buy it today.
There was also a symmetrical triangle KKR broke out of. KKR would need to go to 31ish or lower to break the wedge pattern. But I see a very small gap that may hold at 32.3ish. A strong stock often only dips out briefly or maybe not at all I guess. Nothing is written in stone. Patterns are just patterns. Not the bible
Be safe! And this is just my opinion/everyone has one (o: