A break of this rising wedge should see a quick sell-off to the next line of support, around 177.
Comments
lyonneduchartes
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I gotta agree with the bearish wedge thing, because, well, that's what it is. Look it up on Investopedia or stockcharts or some other reputable knowledge base. Rising wedges typically break to the don side, and falling wedges pop up. What I find interesting is that it seems we are now spending time in the bottom half of the channel and testing the lower support line. If you want to see negative divergence, look at the ADX line since November. Weee !!!
olijoel
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Thumbs up, I'm also watching this wedge.
TheChasm
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Why do you think this is a bearish wedge?
olijoel
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@TheChasm, theoretically a rising wedge usually suggests a bearish reversal pattern. Its a rising wedge because note how two contracting lines are positive slopes. On the other side, a falling wedge, two contracting lines are negative slopes and it suggest a bullish reversal pattern.