You might declare this as a "cup" formation. I would regard this as a symmetrical triangle. It has already exceeded pre corona all time high but kind of sticks to it. It oscillates around it. Volume is declining and there for consolidating.
Depending on your preference you can play as a (A) pro-cyclical (momentum) trader or a (B) anti-cyclical trader.
(A) setup:
Target: $ 265 / $ 290 / $ 300
Entry: $ 260
Stop Loss: $ 251
(B) setup:
Target: $ 265 / $ 290 / $ 300
Entry: $ 250
Stop Loss: $ 246
Depending on your preference you can play as a (A) pro-cyclical (momentum) trader or a (B) anti-cyclical trader.
(A) setup:
Target: $ 265 / $ 290 / $ 300
Entry: $ 260
Stop Loss: $ 251
(B) setup:
Target: $ 265 / $ 290 / $ 300
Entry: $ 250
Stop Loss: $ 246
Comment:
Trade idea is still active. Watch timeframe 15 min today (2020/07/08) as $RH is building a bull flag.