Waiting for ALGO's Next Move

ALGO has been forming a symmetrical wedge, the RSI is showing neither bullish nor bearish signs, and the MACD is almost exactly in the middle. Looking at the 4hour chart ALGO seems 50/50. If ALGO breaks above the wedge and bounces back turning that line into support, I would take a long position, and if ALGO breaks below the supporting wedge line, and it turns into a line of resistance, ALGO will most likely continue its correction, and I will wait for a better buy-in opportunity.

I wish you prosperous and happy trading!!:)

Commentaire:

ALGO broke above the line of support and is coming back to retest.

Commentaire:

Also bounced really nicely on the $1.01 level, and just bounced on the 0.236 fib level. Things are looking bullish!