APE: Descending Triangle
Trade setup: Price is in a downtrend, trading in a Descending Triangle pattern. Price needs to break above 200-day moving average and $1.50 resistance in order to signal resumption of uptrend, with upside potential to $1.80 thereafter.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $1.25, then $1.00. The nearest Resistance Zone is $1.50, then $1.80.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $1.25, then $1.00. The nearest Resistance Zone is $1.50, then $1.80.
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