Descending wedge to breakout?
The swing high on the 4H chart shows $0.978, and a swing low of $0.89. With lower highs having more downward momentum than the lower lows it looks like it is creating a descending wedge. Maybe we could be seeing a rise of 8-9 cents if a breakout occurs, placing it near 1.The 1H trendline (RED) also confirms the downtrend has more momentum.
I am going to wait for confirmation above the top trendline of the wedge. If successful new support could be around $0.98.
Personally, I am still going long for $1.40.
This is just my opinion and I am not a financial adviser so whether you agree or not is up to you. After a few months of analysing graphs, only now have I decided to get involved with the community.
I am going to wait for confirmation above the top trendline of the wedge. If successful new support could be around $0.98.
Personally, I am still going long for $1.40.
This is just my opinion and I am not a financial adviser so whether you agree or not is up to you. After a few months of analysing graphs, only now have I decided to get involved with the community.
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