Completely Neutral here. Not financial advice.
A few things of interest/worth noting.
1. A previous long/mid term trendline (blue) was broken
2. potential head and shoulders on daily, but so far looks to have failed at the right shoulder "neckline"
3. A fairly neat channel now forming with a higher than average volume test to the upside about to occur
Keeping this bi-directional.
Thoughts:
Scenario a: breakout from the channel and set first upside target as the previous uptrend (blue line)
Scenario b: reject the top of channel and set first downside target to bottom of channel, multiple targets below as a complex head and shoulders
will be interesting to see how this plays out!
A few things of interest/worth noting.
1. A previous long/mid term trendline (blue) was broken
2. potential head and shoulders on daily, but so far looks to have failed at the right shoulder "neckline"
3. A fairly neat channel now forming with a higher than average volume test to the upside about to occur
Keeping this bi-directional.
Thoughts:
Scenario a: breakout from the channel and set first upside target as the previous uptrend (blue line)
Scenario b: reject the top of channel and set first downside target to bottom of channel, multiple targets below as a complex head and shoulders
will be interesting to see how this plays out!
Comment:
on 2nd thought, a more realistic first upside target would be the approximate level of the 2nd "shoulder" @125, a 2nd target being the 1st "shoulder" @ 138/139 with a final outside target of the trendline being closer to 160/170
Comment:
Nice!
We are "out" however keep watch for any potential backtest of the breakout.
We are "out" however keep watch for any potential backtest of the breakout.