not quite a wedge. a lot of 20MA support too, probably a bounce
mda99das
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This looks like its rising , I need to see a bit more of the chart to see if there is a previous level of resistance. We have higher highs and lower lows. Also and someone please feel free to critique my thinking but if you think you were looking for it to reverse you would be looking at a bearish divergence reversal. I am not seeing a strong sign of that but if you look at the second peak there was some clear divergence which the market did make in the form of a pull back. We have some doji. Will it hover at that level before being rejected? I would wait for confirmation.
Captain_Walker
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I think the pattern more fits a channel. Whatever it is 'punters' need to be prepared for correction around now. If one is in the money at the top of a channel or rising wedge, why get greedy?
@virtualtechie11, Personally isn't looking like a rising wedge to me, but that's not to say WH isn't going to drop in the coming days.
It's an iffy looking rising wedge to me, with only one touch on the way up....
I'd personally adjust the lines to where the new channel starts after the push up and you then get multiple touches on a rising channel, instead of rising wedge.
Ppericles
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@BH42, I see the channel and I agree with you, yes. Its quite uncertain which pattern it will follow but both suggest a shorting for the short term ineed
BH42
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@virtualtechie11, I am still in the camp of ascending triangle breakout which is on all timeframes, we have broken through resistance and now bouncing along the support. This will however be invalidated next week if we fall and close below the support line.
BH42
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@virtualtechie11, Just put this together very quickly to show the channel which I feel is more appropriate than the rising wedge. You can clearly see multiple bounces on mid channel support and resistance.
virtualtechie11
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@BH42, great thank you, lets see what happens, i think the risk is if FTSE corrects, it will take William Hill and some others down with it, forcing it to invalidate, and issue with FTSE is that is ranging as well from last month and stuggling to get get past 6100''s, so could see going down to 5700 again this week (all depends on news etc), issue is, we have good news (economies opening) bad news (coronavirus relapse and no vaccine) - market has no clear direction (on 1 day chart) at the moment
jumpinjammers83
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@virtualtechie11, guys sport is reopening, la liga, premier league and uk horse racing all which are vital to wh income are set to reopen in june. Plus shops are looking like they can open mid june instead of july as originally thought. Price will go sharply up i reckon.