IP re-drawn again
Every now and then I find it useful to erase everthing and rechart it with a fresh eye. Some of the recent movement weren't fitting into my chart.
Have now connected the recent lows and highs back , creating more of an ascending wedge.
Clearly the bottom support is well defined., although there have been multiple times where the price didn't challenge the absolute lowest support. More minor support drawn in as the dashed green line.
For upper resistance there are multiple factors in play right now.
1. Two longer term down trend lines. from the high in Dec 2019 (red) and also from Jan 18 (white)
2. Horizontal resistance at $37.35 which was the high in April
3. The top of the wedge line which is a narrow red line. It ignores the two peaks above both in April and in June but those were short lived and come into play as the horizontal resistance mentioned above. I'd expect the June peak will act as that as well. If the price every gets there.
This chart clearly limits the upside compared to before where it looked like it would be a straight shot up to $40 once the current resistance was breached. This seems more logical and a defined pattern is trade-able.
will add back in MA's and RSI and MACD and other indicators. Just wanted to post this as a fresh start.
Still bullish overall, but short term will will likely touch the bottom of the wedge again.
Have now connected the recent lows and highs back , creating more of an ascending wedge.
Clearly the bottom support is well defined., although there have been multiple times where the price didn't challenge the absolute lowest support. More minor support drawn in as the dashed green line.
For upper resistance there are multiple factors in play right now.
1. Two longer term down trend lines. from the high in Dec 2019 (red) and also from Jan 18 (white)
2. Horizontal resistance at $37.35 which was the high in April
3. The top of the wedge line which is a narrow red line. It ignores the two peaks above both in April and in June but those were short lived and come into play as the horizontal resistance mentioned above. I'd expect the June peak will act as that as well. If the price every gets there.
This chart clearly limits the upside compared to before where it looked like it would be a straight shot up to $40 once the current resistance was breached. This seems more logical and a defined pattern is trade-able.
will add back in MA's and RSI and MACD and other indicators. Just wanted to post this as a fresh start.
Still bullish overall, but short term will will likely touch the bottom of the wedge again.
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