GTII Rising Wedge| Range Median| Structural Resistance Today’s Technical Analysis – GTII – trading in a valid rising wedge where a break back to structural support is likely.
Points to consider,
- Range median (Local resistance)
- Structural support retest (S/R Flip confirmation)
- RSI divergence
- Stochastics in upper regions
- Noticeable bull volume
GTII’s range median is an important level marking the apex of the rising wedge. A break down to structural support is probable; it needs to hold to confirm an S/R Flip.
The RSI is showing divergence, price is making consecutive higher highs whilst the RSI establishes lower lows, a valid bearish divergence.
GTII has noticeable increase in bull volume nodes, it needs volume follow through once structural support is tested.
Overall, in my opinion, GTII is likely to break bearish from this rising wedge; structural support retest is probable, level bulls must defend.
What are your thoughts?
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And remember,
“You create your own game in your mind based on your beliefs, intents, perception and rules.” ― Mark Douglas
