Teladoc - Bullish Divergence and Falling Wedges
TDOC has been down 90% from its high in February 2021.Current Candles are forming a falling wedge pattern:
and at the same time, it has two weekly candles that confirming a breakout from the secondary downtrend and first candle that breakout the pattern which may indicate a potential reversal movement.
Bullish divergence has been shown by the Stochastic and MACD Indicator in the weekly chart:
The target of the falling wedge pattern is in between the remaining gap of $ 44.49 - $ 55.86.
Area of $ 30.33 - $ 30.71 is a good range for entry position with EMA200 (4h Chart) as our primary Stop Loss.
Long Term target will be around $ 90. Please expect a sideways movement around the gap and see if the movement can support the price to the target.
Only time will tell.
Current Risk to Reward Ratio is very interesting technically.
Disclaimer is always on.
Currently i do not have any possession in
TDOC stock.
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.