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(Code-Name_Virtue)
Price has started to breakout of the Falling Wedge Chart pattern today and has traded to Target 1. Although Target 1 has been hit price is still trading between two very historical support and resistance lines, price needs to close above this resistance line and hit target 2 to confirm that it is breaking out. The next confirmation is a close above the Fibonacci Zone, this will indicate a continuation to the peak of the first rally at around $10, there is also common resistance at around $9.80 suggesting price could consolidate around this area during the rally. Stochastic's and Williams % R both have formed a double bottom pattern in oversold and are pending a breakout, the neckline is drawn as a line with arrows on each end, once this breaks it is an indication that the rally has taken control of momentum. The MACD indicator is also forming a bullish trend suggesting that price will not reverse on the rally but may form continuation patterns and retracements with an overall bullish primary move.
(Keymaker)
Entry, use the swing low of the 1 hour chart.
Exit, at any of the targets or when your comfortable.
Stop, about 15-20 cents below your entry, keep your risk reward ratio in mind and adjust your stop if/when needed.
(Code-Name_Virtue)
Price has started to breakout of the Falling Wedge Chart pattern today and has traded to Target 1. Although Target 1 has been hit price is still trading between two very historical support and resistance lines, price needs to close above this resistance line and hit target 2 to confirm that it is breaking out. The next confirmation is a close above the Fibonacci Zone, this will indicate a continuation to the peak of the first rally at around $10, there is also common resistance at around $9.80 suggesting price could consolidate around this area during the rally. Stochastic's and Williams % R both have formed a double bottom pattern in oversold and are pending a breakout, the neckline is drawn as a line with arrows on each end, once this breaks it is an indication that the rally has taken control of momentum. The MACD indicator is also forming a bullish trend suggesting that price will not reverse on the rally but may form continuation patterns and retracements with an overall bullish primary move.
(Keymaker)
Entry, use the swing low of the 1 hour chart.
Exit, at any of the targets or when your comfortable.
Stop, about 15-20 cents below your entry, keep your risk reward ratio in mind and adjust your stop if/when needed.
Comment:
8.25.17 I am still looking for Price to Close above resistance and trade through the Fibonacci Zone.
Comment:
Comment:
I will publish a new Idea for Pandora and cover this chart until then here is a quick synopsis: I am waiting for the ADX to tick above 25 to confirm a trend, then looking for a sharp or defined rise in the MACD to see the bullish breakout is confirmed.