Tyson Foods TSN Herd Mentality Bounce on Bottom Trend Line
Hello Traders,
Here is my chart for Tyson Foods TSN. You can see the price is bouncing around inside a rising wedge and is about to touch the bottom trendline. The RSI is oversold with bull div. I expect a generic herd mentality bounce on the trendline with a target being the top trend line.
Lets see.
Here is my chart for Tyson Foods TSN. You can see the price is bouncing around inside a rising wedge and is about to touch the bottom trendline. The RSI is oversold with bull div. I expect a generic herd mentality bounce on the trendline with a target being the top trend line.
Lets see.
Comment:
On the monthly chart the RSI is approaching oversold levels. It seems logical for a bounce here even if its just a trader/algo bounce.
Comment:
The price did bounce from the $47.09 level at the start of my chart idea and is up 19%. If the price breaks past the previous LH I expect it to reach the target in the red box which will also be at the top of a potential wave 5, and the price might retrace. Lets see.
