Stratis went into correction and has been holding in consolidation for a few days. The highs of the channel over the last 12 hours have remained fixed while the lows are moving upwards. This is a solid ascending triangle formation. The RSI shows less energy to reach the channel highs and more energy to move the higher and higher channel lows. This looks to be a solid bear divergence. The triangle is narrowing and over the 30 minute interval, I am expecting an entry at the top of the triangle later this morning as price action breaks out of resistance, retests and continues the pre-correction uptrend to test previous highs.
Velocity will depend heavily on volume, so long as volume is high and the RSI is moving above 55% with a decent angle of attack, we should see 12% of upward movement by mid afternoon to early evening.
New to this, lets see how it plays out :)
Comments
BranStark
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Probabilities aren't certain by any measure. 66% of the time, the ascending triangle breaks out but 33% of the time is still breaks down. Looks like this was one of the 33%ers.