-Primary pattern is a 66 month horizontal range
-Of which as an unmet target of 57.31
-8 day pennant in which I tried the long side of has morphed into a 5 week flag with well defined boundaries
-Tight bollinger band squeeze on the daily
-An attractive R/R
30 basis points of risk planned
Im a crypto trader by heart but thought I like the patter of Wesfarmers, so I charted it as I see it. once complete I looked down at the time scale.
LOLOLOLOLOLOLOLOL how do people trade this. pattern "might" be complete by 2027 so ill catch ya in 9 years LOL
-66 Month Horizontal range primary pattern
-Measured move up to 57.31
-8 Day pennant with horizontal boundary completion on friday close
-50SMA peeling away from 200SMA
30 basis points
Will enter only with limit order to retain a favorable R/R
WES is ex dividend Mon 20 Feb by $1.03 so $43.09 - $1.03 := $42+/-.
Allowing for slippage, it could trade down to $41.85 Monday
before attempting to rally back to support at $42.
But over the next few days I believe it will drift lower
towards old resistance now support at $41.50
There is also that break away body gap at $40.98-41.18
which needs to fill.