Beagle_Trades

Triangle Play for 4/26/22

NYSE:RIO   Rio Tinto Plc
Another Triangle play to add to the list. Gap down and through the line, but reversed and the bulls won the day. Thoughts lean toward filling the gap tomorrow if buying volume continues. Will likely take a long position if the signs continue to be bullish . If bearish signs appear in the morning I'll try and be patient. Wait for clear signs and go with the trend.
Comment: Bears ruled and we dropped lower on less volume. I'm sure that means something, but I don't know what it is. Likely means a reversal is coming. We are touching 30 on RSI, and nearing a previous support at 67.27. We will have to get south of that level before I'm interested short. A bounce will need to get into the gap before I'm long.
Comment: Still Consolidating. WW
Comment: Broke free and gapped down on the 9th. I don't have enough conviction to chase a falling break. The theory is that the breakout could run the length of the longest leg which is a $36 move. So this could drop to it's March 2020 low of $35. Which was a support test of previous resistance... There are 2 gaps to fill between here and there so there will likely be some pullbacks worth buying if it continues down.
Comment: Could be the re-test and down turn I've been waiting for. Gap to fill from 13May and another from 07Dec21. WW
Order cancelled: Never got the breakout I was hoping for here. Options are not very liquid for this play. Coupled with the gapping nature of this ticker I'm dropping this play from the watch list. I'm focusing on more liquid options and drilling down on my TA. Thanks for the views.
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