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$QS QUANTUMSCAPE CORPORATION Falling Wedge Tracking

Long
NYSE:QS   QuantumScape Corporation
$QS formed a huge Falling Wedge and recently tested the Fibo 0.786 level. EMA20 just crossed SMA50 down on 4h chart which confirms bulls have been weak for a while. RSI 14 also declines. Now I have two scenarios for breaking out of the wedge . Either retry Fib 0.786 level or start a new trend now. No matter where it does break, $QS has a potential of minimum $70+ profit per stock. Watch for break out of the wedge and buy on re-test. I don't expect and dip below $29.
Comment: Seems like we have a breakout trial. Eyes on $53 level.

Comments

What will confirm the breakout?
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josiason17420 kevinkostyk
@kevinkostyk, most likely a break above the $57.92 resistance to new ATHs
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Ajax-Big josiason17420
@josiason17420, relatively clean break above resistance with candles closing almost at 59 and wicks reaching beyond. The real trouble should be the gap fill line at around 67-70. We may very well get there by next week so we'll see then.
+2 Reply
@kevinkostyk Breakout was at $52-$53. Now it’s pushing 0.618 fib level at $57.92. Holding above this resistance will be a good sign. Before that, it may still test the $52-$53 breaokut zone which is very healthy and normal. All looks good except the missing green and tall volume bars. If we see such a money flow and the price is above Fib 0.618 level, we can clearly confirm the breakout.
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