That is a barrier triangle though. They usually break through the flat part, not the diagonal.
FriscoTrades
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@Barkworth, Thank you for the feedback , you make a great point. However I believe technically it's a descending triangle, and there is still possibility for breakout to upside :
Example in link. I am bullish on the fundamentals and sector hence my bias :) My idea could be wrong and invalidated of course !
Cheers
Barkworth
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@FriscoTrades, You are correct in that there is always a chance to break out to the upside.
Personally, I am moderately bullish at this point, but I do firmly believe that there is more downside ahead. Here is what I have:
FriscoTrades
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@Barkworth, Nice Chart ! For this trade I went mostly commons and spreads ( although CSPs would be a great idea too if you have the capital for it) as this is a longer time horizon trade for me.
Check the weekly RSI - appears to be curling and MACD - close to crossing
I'm thinking very well more downside/consolidation with the move I'm expecting to happen in Q4 this year! Strong volume shelf at the $12, bulls need to defend here else it's most likely down to single digits :(
I like your charts !
Barkworth
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@FriscoTrades, Down to singles would be a great opportunity to add to retirement fund. One of the most exciting pot stocks, and definitely a lot of potential for the future.
FriscoTrades
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@Barkworth, Agree, in a way I hope it does because that's when you back the truck up and load LEAPS and as much as possible :) Cheers !
HHSPN
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Wow, right at the tip.. the question is break out to up or down..