When I am looking at the most recent movement across the 1-hr chart, there a few things that have become apparent. First, we see that there is a bull pennant forming, almost textbook. Second, we see a double bottom with a most recent candlestick formation of bull engulfing. This is really a video of me point out some of the basic formations that I see along with reason to believe in short uptick with a delayed pull back.
Uptick Reasons: - Oscillator around 50 - Bullish engulfing - Bull pennant - Double bottom formation - Cup formation with a long pole uptrend
Pullback Reasons: - Dramatic volume decrease - RSI above 80 - MACD 26 period crossing over 12 period signaling sell-off
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.