POWER Pullback
Updated
Not in a position but doing this chart for a friend.
Was trading in a bullish channel; however, has broken the channel upwards.
The black lines are the longer bullish channel and blue lines are shorter support/resistance lines.
I'd sell my POWER position till it pulls back and finds support at the black line.
If it doesn't hold the black line, then it's likely to be a BEAR flag.
DISCLAIMER:
I'm not a pro so take my advice at your own risk. Happy trading everyone! :)
Was trading in a bullish channel; however, has broken the channel upwards.
The black lines are the longer bullish channel and blue lines are shorter support/resistance lines.
I'd sell my POWER position till it pulls back and finds support at the black line.
If it doesn't hold the black line, then it's likely to be a BEAR flag.
DISCLAIMER:
I'm not a pro so take my advice at your own risk. Happy trading everyone! :)
Note
Sorry folks, I was wondering why the trade didn't work out and just learned the pattern 'ascending channel' so this should have actually been a buy signal on the dip!Note
Hindsight:If I could re-do this chart, I would have drawn the blue upper trend line much longer and argued that after breaking the blue line - it could pull back.
All in all, learned some new patterns today.
Note
This is my new take on POWER. I believe it's trading within the range of those blue lines.
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