I see two scenario playing out for a long term bullish trade.
Bias: Bullish
Why: Neckline breakout of inverted head & shoulders with a positive earning gap.
Scenario A: Price action is currently showing a bullish flag after the huge earnings gap up. We can see price retrace to test the end of the gap. With a high possibility of bouncing and breaking the bull flag structure to a new high.
Note: 12/8 ended with a green volume day above average breaking the latest downtrend volume structure.
RSI is still show PDD in an overbought scenario, most severe since Aug/Sep 2019'.
MACD is turning to a SELL signal at the top of the indicator.
Given the indication for a dire pull back...
Scenario B: Price action retraces to fill gap, bouncing to retrace back to the I-H&S neckline or 200 EMA before a rocket launch to $170 price target.
Thoughts?
Pure speculation. Trade responsibly.
Bias: Bullish
Why: Neckline breakout of inverted head & shoulders with a positive earning gap.
Scenario A: Price action is currently showing a bullish flag after the huge earnings gap up. We can see price retrace to test the end of the gap. With a high possibility of bouncing and breaking the bull flag structure to a new high.
Note: 12/8 ended with a green volume day above average breaking the latest downtrend volume structure.
RSI is still show PDD in an overbought scenario, most severe since Aug/Sep 2019'.
MACD is turning to a SELL signal at the top of the indicator.
Given the indication for a dire pull back...
Scenario B: Price action retraces to fill gap, bouncing to retrace back to the I-H&S neckline or 200 EMA before a rocket launch to $170 price target.
Thoughts?
Pure speculation. Trade responsibly.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.