2waytrading

Ambitious Call (Continuation Wedge-Bullish)

Long
NASDAQ:SWKS   Skyworks Solutions, Inc
0
The bull run that started 2010 ended early 2011, and gave up all gains after series of lower lows and lower highs. October last year, reversed the cycle, continued in early 2012 and made a new higher high and higher low before it printed a new higher high 52 week high in August this year. Price gave up most of its gains in this year just in two months and found support 80% FIB from 2011 high and 2011 low. Now, the price formed a bullish continuation wedge which is very reliable in most cases, and looks a possible sustained reversal price depending on group condition and market in general. Pair traders can look at $CRUS which had a unique chart similarity since August 24 this year. If u go long make your stop loss at or below 2011 low.

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