The stock has since broken out above the main formation and is "generally" speaking bullish (for now), but first it'll have to clear TWO resistance points stated above.
Two Scenarios:
1) If the stock manages to cross the intermediate trend line and cruise through both last highs, you're all good to go ('Neutral' to 'Buy' sentiment). It would allow the stock to enjoy a lift towards 250 and after a 'partial decline' (to the now dominated intermediate trend line), allowing the stock to reach even higher highs of 280-300 (I personally doubt this will be the case but it would check out technically).
2) If the stock fails to touch the upper intermediate and break both resistances, you can measure the distance from point 'A1' to the last high and measure that same distance from point 'A2' (anywhere along that line) to the downside, which in my humble opinion will be around 280.
To me personally, everything screams negative on this chart as of now. Short term (days) it's bullish. We'll know more by mid October.
Two Scenarios:
1) If the stock manages to cross the intermediate trend line and cruise through both last highs, you're all good to go ('Neutral' to 'Buy' sentiment). It would allow the stock to enjoy a lift towards 250 and after a 'partial decline' (to the now dominated intermediate trend line), allowing the stock to reach even higher highs of 280-300 (I personally doubt this will be the case but it would check out technically).
2) If the stock fails to touch the upper intermediate and break both resistances, you can measure the distance from point 'A1' to the last high and measure that same distance from point 'A2' (anywhere along that line) to the downside, which in my humble opinion will be around 280.
To me personally, everything screams negative on this chart as of now. Short term (days) it's bullish. We'll know more by mid October.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.