WBD hit some resistance and is ready for a breakout.Look at this chart of WBD on the Daily TF.
On the right side of the chart you will see a purple box which marks a pivot point.
Off of that pivot point, there is a Yellow resistance line, where price action was chopping along for some time.
The price action then started creating lower highs and lower lows creating a downward sloping megaphone pattern.
When you see this type of a pattern on towards the lows of the charts this becomes a bullish indicator.
Where you see the yellow line meet with the top of the megaphone pattern is a circle where you can expect resistance.
The resistance is due to the pivot point as well as the top of the megaphone.
If WBD were to hit the target within a couple of days then it would still be valid for a couple day pull back.
Now, if price action chops along the top of the blue line for 6 to 7 days the we can expect a breakout with a potential upside to the $17.00 range.
What do you think will happen?
Let me know in the comments.
Cheers,
