VET rising wedge and how we can profit 7-10%
Hey guys, first of all i wanna wish all of you a happy christmas!
Now lets get to the analysis.
Vet is making a rising wedge formation which is bearish but we can trade in this channel.
Reasons to buy :
-support from 50MA.
-Support from Ichimoku cloud.
-Bottom of the wedge formation.
I do wanna mention this is the 1hr timeline so first 2 mentioned reasons aren't as strong fundamentals as they would be on bigger timeframes.
But you can clearly see that the 50MA and the cloud have been good support for price a few times recently, so combined i'd say this makes a strong support!
This is why we will be making entry at 00583.
T/P 1 : 00625
T/P 2 : 00645
S/L : 00568
Show your appreciation by hitting the thumb up button and have a good christmas my friends!
Now lets get to the analysis.
Vet is making a rising wedge formation which is bearish but we can trade in this channel.
Reasons to buy :
-support from 50MA.
-Support from Ichimoku cloud.
-Bottom of the wedge formation.
I do wanna mention this is the 1hr timeline so first 2 mentioned reasons aren't as strong fundamentals as they would be on bigger timeframes.
But you can clearly see that the 50MA and the cloud have been good support for price a few times recently, so combined i'd say this makes a strong support!
This is why we will be making entry at 00583.
T/P 1 : 00625
T/P 2 : 00645
S/L : 00568
Show your appreciation by hitting the thumb up button and have a good christmas my friends!
Trade closed: stop reached
Wedge broke to downside
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