$NET - breaking out of descending wedge

Bounced from the support and is now broken out of the descending wedge. With the momentum, price could reach $136 area. However, the $120 area could act as a resistance. If the price is rejected from the $120 area and travels back to the $100 area before bouncing back. If that happens, the inverse head and shoulder could form with the neckline at the $120 area. The measured move for inverse head and shoulder is $160.
Target 1 - $120
Target 2 - $136
Target 3 - $160
Risk - Rejected from $120 and fall back to $83 with the worst case $65.84
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.

Trade closed: stop reached:

IHS failed to materialized. Rejected from $120 neckline and price has pulled back. Trader should not take any position until the price breaks above the neckline for 3 trading sessions. So the trade was not executed.

Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations.