Just playing around with this one on a search for a defensive stock to add to the portfolio. It's giving mixed signals at the moment.
There's a small head and shoulders pattern, but over such a short period of time, I'm more inclined to look at the break-out of the descending wedge. If this is the dominant pattern, then I'd expect it to reverse and start an upward trend.
I haven't look into the fundamentals of the business at this point, so if anyone has some info on it that would give me a head start, it would be appreciated.
There's a small head and shoulders pattern, but over such a short period of time, I'm more inclined to look at the break-out of the descending wedge. If this is the dominant pattern, then I'd expect it to reverse and start an upward trend.
I haven't look into the fundamentals of the business at this point, so if anyone has some info on it that would give me a head start, it would be appreciated.
Note
Plenty of buy signals now. Broke through the wedge on the shoulder and trending up. MACD is close to crossing over the zero line which should push it up higher.
Good time to trade this type of stock in the current volatile climate.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.