The price action is moving in a pennant since 29 Aug 18 which is getting squeezed.
Now the price line hits the 200MA resistance, pivot 1st resistance and the pennant's resistance.
If we take the complete pennant in fixed range of volume profile then it can be easily seen that sofar the trader's interest in this area is less.
Moreover the price action has formed a...
Really not liking this weekly chart. Gap down outside of the support line and well below the 30 week WMA. Still 4 days in the week but if it stays outside of the trend line I think it's only down from here and possibly last time above $70.
If we continue to trade in the channel we may continue to go lower and find a bounce in the area suggested(possible end of ABC correction) and that will be the sign of a trend reversal, however a breakout to the upside out of the channel could also dictate the same, would like to hear thoughts.
- Just a simple observation, price is bouncing around the level.
- Looking at it , it has gone up for a 2 month period then down for a 2 month period.
- Looking to go LONG , on the DAILY . So possible 6% growth by 2019 .
What do you guys think? Just by looking at the chart on the daily ?
The price has been falling since early 2017 from the peak around $88.00.
This drop has been a "healthy" one as we are seeing this as a correction for a longer term accumulation to the upside.
Some quick fundamentals to support the upside -
1) Revenue has been increasing for the past 5 years;
2) Net income has been increasing for the past 5 years;
-Huge 9 year pattern
-Lower boundary tested many times with out of line moves
-Established medium term downtrend
-50SMA is firmly below 200 SMA weekly
-Daily retest of underside of horizontal boundary friday close
-Measured move down to 44.37
30 basis points of risk
Could prove quite difficult to trade such a large pattern. If I am stopped out, will wait...