Failed Bearish breakdown turns to Bullish breakout
Yesterday closed above support on the downtrend line, first time that happened acted as Resistance on the daily. This morning had a failed bearish breakdown below support which quickly got bought up and went all the way to new resistance overhead. I got a fill on IP 101620 40 C at .40 and sold later for .65 so handy profit there for a 1 day trade. Have reset that as a buy order which is buying of the support at the red line.
I will also buy on the horizontal line at 37.35 IF it holds on a retest which is not a certainly by any means. It took 5 closes above the downtrend line for that to finally become support.
RSI wedge is still intact. I feel this is likely to retrace tomorrow to bounce off RSI resistance. Might take a few times to have a confirmed breakout above the crucial 37.35
I will also buy on the horizontal line at 37.35 IF it holds on a retest which is not a certainly by any means. It took 5 closes above the downtrend line for that to finally become support.
RSI wedge is still intact. I feel this is likely to retrace tomorrow to bounce off RSI resistance. Might take a few times to have a confirmed breakout above the crucial 37.35
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