Based on the price pattern, longer term support levels, shift in sentiment and SMA backtesting during uptrend I would expect to see FIVE at around $117 within 2-3 weeks.
Falling wedge had a height of about $15 from the formation and on these three efforts back testing, 20 session SMA cross overs resulted in an avg gain of 15% during the uptrend which would put us right around the 115-120 price level.
The only thing we need is for an bullish trendline support to be established for me to have even more confidence in the 20 session SMA crossover as the back tested population was in an uptrend as well.
If we do find a bullish support level after the breakout of the falling wedge, with the bullish cross over of the 20 session SMA in conjuction with our falling wedge PT I feel comfortable with a PT of 115-120 based on those two items within the next 2-3 weeks. SL at $98 support.
Falling wedge had a height of about $15 from the formation and on these three efforts back testing, 20 session SMA cross overs resulted in an avg gain of 15% during the uptrend which would put us right around the 115-120 price level.
The only thing we need is for an bullish trendline support to be established for me to have even more confidence in the 20 session SMA crossover as the back tested population was in an uptrend as well.
If we do find a bullish support level after the breakout of the falling wedge, with the bullish cross over of the 20 session SMA in conjuction with our falling wedge PT I feel comfortable with a PT of 115-120 based on those two items within the next 2-3 weeks. SL at $98 support.