the upward channel is clear. lots of higher highs and higher lows. At the same time you see lower highs in de last 3 days and a pennant is forming. The RSI indicates oversold 3 days ago and it bounced nicely of the support trend line. RSI is showing strength now, but not overbought.
Usually trees stop growing at some point, but in this case there is some upward potential IF the swing continues to develop.
Current price is around 240.
Support trendline is rising and currently around 230.
Resistance trendline is around 330 and rising.
placing your stoploss at 220 (previous low) wil give you some space to enter this trade.
Upside potential is 110 and downside is 20, or even 10 if you're strict with regards to the supporting trendline.
That's 11 to 1 odds.
The longer it takes, the higher the supporting trendline.
Moving sideways would break the pattern.
Usually trees stop growing at some point, but in this case there is some upward potential IF the swing continues to develop.
Current price is around 240.
Support trendline is rising and currently around 230.
Resistance trendline is around 330 and rising.
placing your stoploss at 220 (previous low) wil give you some space to enter this trade.
Upside potential is 110 and downside is 20, or even 10 if you're strict with regards to the supporting trendline.
That's 11 to 1 odds.
The longer it takes, the higher the supporting trendline.
Moving sideways would break the pattern.