My previous post, I mentioned we were in a bullish flag. That doesn't seem to be the case anymore. Our bullish flag has changed to an ascending triangle, which signals potential bearish activity. Therefore, long has changed to short.
I intend on setting stop-losses along the triangle's support line and sliding them up as long as the price does not break the line.
I intend on setting stop-losses along the triangle's support line and sliding them up as long as the price does not break the line.
Note
Apologies. I mentioned this was an ascending triangle. It's a rising wedge, which indicates a reversal. As assumed, we broke the wedge to downside. Also have closed below the 55 EMA, a strong sign we will continue downwards for the time being. Note
Consider setting stop loss at 1405 and riding this one down.Note
RSI has bounced off support three times in a row. This may be the end of this short-lived dip.
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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.