APT: Channel Up
Trade setup: Price is in an Uptrend, trading in a Channel Up pattern. Swing Traders: can trade the Channel (enter near $8 support and exit near $10 resistance), Stop Loss (SL) level at $7.40 (just below prior swing low and nearest support). Trend Traders wait for a breakout from Channel Up pattern.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $8.00 (previous resistance), then $5.40. The nearest Resistance Zone is $10.00, then $12.50.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $8.00 (previous resistance), then $5.40. The nearest Resistance Zone is $10.00, then $12.50.
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