Note:All of what I claim below is simply the way I perceive the market. I am not certain nor do I suggest you take my advice without first taking into consideration what I have said. Whatever you do, be critical of what everyone claims. Those who claim certainty in these markets tend to get hurt the most.
Observations:
It seems like the stock is developing an ascending triangle pattern, which many of the classical chartists call the continuation pattern.
The stock remains in an uptrend until trendline (A) is broken. I expect extreme resistance if it does reach this level. Therefore, it is very critical to pay attention if it does reach, as it will either bounce strongly or break harshly.
I personally favor a strong bounce off of upward trendline (A) and then continuing it’s way towards all-time-high region (B), finishing off the ascending triangle pattern. I only believe this to be true because the stock is still in an uptrend.
If it does reach the all-time-high region (B) and manages to break above it, I expect a stronger move up.
If it breaks below trendline (A), I expect the price to decline sharply.
I suppose we shall wait and see how the earnings report turns out for this Jungle.
Thank you for reading,
Have a nice day!
Observations:
It seems like the stock is developing an ascending triangle pattern, which many of the classical chartists call the continuation pattern.
The stock remains in an uptrend until trendline (A) is broken. I expect extreme resistance if it does reach this level. Therefore, it is very critical to pay attention if it does reach, as it will either bounce strongly or break harshly.
I personally favor a strong bounce off of upward trendline (A) and then continuing it’s way towards all-time-high region (B), finishing off the ascending triangle pattern. I only believe this to be true because the stock is still in an uptrend.
If it does reach the all-time-high region (B) and manages to break above it, I expect a stronger move up.
If it breaks below trendline (A), I expect the price to decline sharply.
I suppose we shall wait and see how the earnings report turns out for this Jungle.
Thank you for reading,
Have a nice day!