For DIP buyers Bullish on FSLY stock.
The green box is an optimal entry area to buy the dip.
Buyers already getting a head start as you can see price began to trade in green box and dip buyers saw the opp to buy at demand zone pushing price back above box- creating the wick.
Here I have 3 possible scenarios. Follow closely for whatever plays out then trade...
Keeping it simple stu***
At times its better to keep your chart clean and simple.
It allows you to eliminate the noise & identify the structure that has developed.
At the moment we are at the top of the structure aka resistance.
Since overall structure is upward, I choose not to short or long puts. However, active traders with a larger risk...
Currently at Support of a Decade Long Upward Channel
As long as the WEEKLY candlestick chart closes WITHIN the channel I will consider my setup VALID.
I will consider this setup INVALIDATED, IF weekly candle closes BELOW the channel support.
Side Notes to consider: All lower timeframes ranging from 1hr to 3day are heavily OVERSOLD.