Price hasdipped through the bottom trendline of the risng wedge pattern. The bottom trendling narrows and ends at 51.93 This pattern is often bearish but is not valid unless bottom trendline is brokencausing a fairly deep pull back. A RW can be a very long term pattern. A strong stock can actually break up and out of this pattern..or fall through bottom...
$XHB Homebuilders ETF - Nearing Breakout
Level to watch is $49.22 - a close today above this level is bullish for the near term.
Target: $54-$56 by early September (assumes close today above resistance)
1. 11/15/2012 Daily demand zone confirmed
2. 60 Min Double bottom.
Buy : 25
If a Gap Up (See G1) breaks the down trend line, it will Confirm reversal in High probability.
This is a trading school homework. I need 6 months to practice trading plan.
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