I'm generally a longer term investor. I like to invest in sound companies with good cash-flow and balance sheets that I don't believe are going anywhere in the next 5 to 10 years. I wait for these companies to bottom then I wait for strength and signs of a trend reversal, then I look for a level where first support will likely be. I think the $44 dollar level will...
We have confluence on this chart.
First there is a strong support that you can extend more to the past and will find important levels that worked and second we have the ratios for a butterfly.
Let's see how this works.
Looks bullish as it is putting in a Doji cndlstk. for Sept. on the monthly at the apex of the macro wedge...which could mean a b/o soon of the macro wedge if it can get above the downtrend line around 48 w/ vol.
Finally, price is out of the base, and there is a higher chance that recent upside move may have more energy left and could visit 59.03 March high of last year. I will buy any dips with first target $59 next few weeks and have stop loss at $50.38 August high.
Watching this one. Bear Wedge may still be in play even though the last candle was bullish.
A break above the long term downward trend line (check out monthly - it goes back to 2008)
would be very bullish in my view.
