ROP Large Broadening MegaphoneA large Megaphone structure is apparent on ROP
This pattern has been continuing since 2013
Price will likely stay within this megaphone due to its age, meaning a move down on this 9H chart
Long term however this pattern is very bullish
Rop
ROP - Bearish divergence on weekly and dailyWeekly
There is a bearish divergence on the weekly, although not very pure.
I expect this to pullback to the slow EMA and further to -1 ATR, a support level of the uptrend
Daily
There is a bearish divergence here as well, impulse has become blue now.
There is a divergence on MACD-H and EFI.
Stochastic RSI is turning down, coming from an overbought condition.
Entry: 446
Target 1: 425.2
Target 2: 410.2
SL: 456.1
R/R ratio: 1:2
Note:
I’ll try to find a good entry based on a shorter TF analysis
