BrokenTypewriter

UDMY Head and Shoulders played out. Playing the rebound

Long
BrokenTypewriter Updated   
NASDAQ:UDMY   Udemy, Inc.
First time I've ever seen a stock IPO and immediately form a Head and Shoulders pattern. After breaking the neckline it's come down to the end of it's measured move. It's forming a bullish descending wedge pattern and has bullish divergence on the RSI. Looking to buy as it gets closer to the trendline. Confirmation will be if it breaks the wedge to the upside and a retest of the trendline.
I've got three targets where I will take some profits at.

TP1: 22.00
TP2: 23.55
TP3: 25.20
Trade closed: stop reached:
Didn't take a position. The price broke below the lower trendline and closed with a lower RSI which means no bullish divergence. Will wait until I see bullish divergence and a break above the wedge.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.