Stellar forming ascending triangle
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My previous post, I mentioned we were in a bullish flag. That doesn't seem to be the case anymore. Our bullish flag has changed to an ascending triangle, which signals potential bearish activity. Therefore, long has changed to short.
I intend on setting stop-losses along the triangle's support line and sliding them up as long as the price does not break the line.
I intend on setting stop-losses along the triangle's support line and sliding them up as long as the price does not break the line.
Note
Apologies. I mentioned this was an ascending triangle. It's a rising wedge, which indicates a reversal. As assumed, we broke the wedge to downside. Also have closed below the 55 EMA, a strong sign we will continue downwards for the time being. Note
Consider setting stop loss at 1405 and riding this one down.Note
RSI has bounced off support three times in a row. This may be the end of this short-lived dip.
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