Bearish Channel - Waiting for price to hit resistance and create a bearish engulfing candle before taking the trade.
Hidden divergence indicating the strength of the bearish trend is weakening. Expecting price to go back up when market opens. Waiting for price to break the ranging formation it has built on the 1 hour and 15 minute TF.
Seems like GU is currently heading down to a previous resistant which lies on a psychological level. However if it rejects the current psychological level, expect GU to come up when market opens
For the people that missed the previous idea that i sent, a bullish penant breakout is about to take place, once a bullish engulfing is seen above the breakout of the pattern, place a trade. Use R:R according to your own trading plan!
Broken bearish triangle formation, gonna head up then reverse after hitting previous resistance