here is another update as per request to several individuals.
There seems to be two support lines close together the two (white) lines around $113 - 114. and two other support (cyan) lines around $111 - $113.
- These support lines seem to be holding pretty well. Especially the white line.
Resistance:
- White resistance line: The first point I made this from was on 1/15/20 and the second was on 1/29/20. This is forming a wedge pattern with the yellow support line.
- Orange resistance line: Not much to say this could be a channel forming, since the 2nd high I am basing it off of was after the break in the last wedge.
What I would be interested in to see is if (cyan) support line holds and the price moves along that as well as to touch the (white) resistance line and come back down etc... This could be another wedge where we have a very similar break out to what recently happened but it is too early in the cycle to tell.
The thing with identifying this so early in the cycle is it could just break down and I would be at a loss. But this does have signs of promise...
my take: Possible swing trade if we get a clear confirmation of a trend and or reversal.
Not financial advice but a forecast on some possibilities.
Please like if you gained anything out of reading this.
Happy trading / investing
There seems to be two support lines close together the two (white) lines around $113 - 114. and two other support (cyan) lines around $111 - $113.
- These support lines seem to be holding pretty well. Especially the white line.
Resistance:
- White resistance line: The first point I made this from was on 1/15/20 and the second was on 1/29/20. This is forming a wedge pattern with the yellow support line.
- Orange resistance line: Not much to say this could be a channel forming, since the 2nd high I am basing it off of was after the break in the last wedge.
What I would be interested in to see is if (cyan) support line holds and the price moves along that as well as to touch the (white) resistance line and come back down etc... This could be another wedge where we have a very similar break out to what recently happened but it is too early in the cycle to tell.
The thing with identifying this so early in the cycle is it could just break down and I would be at a loss. But this does have signs of promise...
my take: Possible swing trade if we get a clear confirmation of a trend and or reversal.
Not financial advice but a forecast on some possibilities.
Please like if you gained anything out of reading this.
Happy trading / investing
Comment:
guess it didnt add the orange resistance... imagine it going up between the high of 1/27 and the high of 1/29.
Comment:
Also if you extend the yellow support line a little further it is now acting as a new resistance. Pretty interesting stuff going on. Not sure what to make of that right now but we will see in the future. If you want me to keep making these then comment here or send me a PM.