Price is below the bottom trendline of a bearish rising wedge.
Strong stock with a recent earnings beat.
Rising wedges have 2 trendlines and they both slope up and narrow at the apex. This pattern is not valid until the bottom line is broken and it possible for price to break up from a RW.
The rising wedge will slope up and with the prevailing trend. The loss of upside momentum on each successive high gives the pattern its bearish bias. However, the series of higher highs and higher lows keeps the trend inherently bullish making these difficult to trade at times.
A RW can cause an imbalance in supply and demand.
No recommendation/ATH 451.49. Price is above the .236 of the trend up which can be a dangerous place to be when the market pulls back substantially.
This stock is one of my faves and I will watch it for now.
Strong stock with a recent earnings beat.
Rising wedges have 2 trendlines and they both slope up and narrow at the apex. This pattern is not valid until the bottom line is broken and it possible for price to break up from a RW.
The rising wedge will slope up and with the prevailing trend. The loss of upside momentum on each successive high gives the pattern its bearish bias. However, the series of higher highs and higher lows keeps the trend inherently bullish making these difficult to trade at times.
A RW can cause an imbalance in supply and demand.
No recommendation/ATH 451.49. Price is above the .236 of the trend up which can be a dangerous place to be when the market pulls back substantially.
This stock is one of my faves and I will watch it for now.