Link formed a nice double bottom the last time it was in this area that then created a strong push up. We've since seen it form a bit of a flag on this daily retracement which seems to have found a bottom at the resistance turned support of the double bottom.
Risky entry -- at the daily support that it's sitting now. The stop would have to be under the channel
Safer entry -- a break and retest of the descending triangle as it shows buyers are officially in control.
A descending triangle carries an inherently bearish bias since it's creating lower highs. However, where and how it forms needs to be taking into consideration. Meaning, if it forms as part of a downtrend it's most certainly bearish. BUT if it forms as a part of an overall uptrend / flag it can go either way.
I'm not interested in a short on this as the target sucks. However, the long targets are great imo.
Risky entry -- at the daily support that it's sitting now. The stop would have to be under the channel
Safer entry -- a break and retest of the descending triangle as it shows buyers are officially in control.
A descending triangle carries an inherently bearish bias since it's creating lower highs. However, where and how it forms needs to be taking into consideration. Meaning, if it forms as part of a downtrend it's most certainly bearish. BUT if it forms as a part of an overall uptrend / flag it can go either way.
I'm not interested in a short on this as the target sucks. However, the long targets are great imo.