- The flag is currently longer than the traditional 3 weeks however this market is open 24/7, therefore I have factored weekends into the timeframe of the pattern, making this one still inside the limit.
- This is more likely a flag than a channel as the run up previous was steep/quick and could be considered a flagpole.
- Price has mostly moved within the two parallel lines.
- Volume trending downwards through the flag.
- Measured price target shown as ~$0.15 (58.89%).
- RSI trending in the control zone, with hidden showing.
- Bollinger bands contracted with price holding support, and are showing beginning signs of expansion with price trending in the upper half and with a successful daily close above the top band.
- Volume profile shows POC just above the measured price target.
- Price has already wicked above resistances provided from the highs in late May/June. Breaking above now would be a good sign of a move to the next resistance.
- We are sitting on top of the Monthly R4.
- Support was made on the POC inside in the flag.
- General has seen a significant increase since the June/July lows.
Traditionally, the entry is a stop on the break or on a close above the top trendline. A bounce of the bottom trendline would also provide a good entry, with an even tigher SL (below the previous lows of the flag). Can also look for a bounce off the BB/flag median as entry, if caught on time.
Have plotted potential resistances from highs with green horizontal rays (can be TP levels), and also an invalidation/SL price to the downside with a horizontal red ray.
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