Channel Breakdown in Stocks?
Stocks found support and resistance exactly at the levels we have identified. The S&P has followed the course identified by our bull wedge pattern. Currently it looks like we may be ready to break down from this pattern. Note the Kovach OBV has dropped precipitously. The S&P has breached the lower bound of the channel pattern multiple times, and has not seen the bounce it should have. The level 3658 is the one to watch for momentum if a breakdown occurs. 3624 will provide support. If we are wrong, 3676 will get hit first, so this would be a good stop loss (or entry point). Highs are at 3714, which will need to be tested again if we find bull momentum.
Join my discord at discord.io/quantguy
Related publications
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.