On the 4 hrs there is another symmetrical triangle formation in green. Ltc TA loves these type of triangles.
In this case it's good to note that a H&S has formed inside this triangle. This setting seems to anticipate a move up when ltc will reach 80% of the triangle (red vertical line) but the H&S neckline in black has shown strong resistance at $155. If a break-up happens at the neckline, a move to $165 -$172 will give the bulls a chance to gain control and maybe enter some positions, if the new HH holds on the 4hr time frame.. If we bounce back from the neck line the only decent support is at $143, the $132 support looks weak in my opinion and after that a retest of the $125-$123 support will turn the settings to bearish. The decline in volume make this last scenario more probable in my opinion.
Staying in the safety of cash for a bit more is the smart thing to do!
This is my personal opinion only and not to be taken as financial or trading advice. Be wise!
In this case it's good to note that a H&S has formed inside this triangle. This setting seems to anticipate a move up when ltc will reach 80% of the triangle (red vertical line) but the H&S neckline in black has shown strong resistance at $155. If a break-up happens at the neckline, a move to $165 -$172 will give the bulls a chance to gain control and maybe enter some positions, if the new HH holds on the 4hr time frame.. If we bounce back from the neck line the only decent support is at $143, the $132 support looks weak in my opinion and after that a retest of the $125-$123 support will turn the settings to bearish. The decline in volume make this last scenario more probable in my opinion.
Staying in the safety of cash for a bit more is the smart thing to do!
This is my personal opinion only and not to be taken as financial or trading advice. Be wise!