Rectangle//Rising Wedges Below Price.This stock has been an amazing performer with a very long rise up and a bit steep at times.
There appears to be a lot of buyers inside this stock.
Yearly and 3 year low is 112.60.
Rectangles are horizontal trading channels and are neutral until a trendline is broken. Price can stay inside this channel for quite a while bouncing up and down between trendlines. It will eventually break one way or the other.
I personally do not like these at a possible top, but it is a neutral pattern.
There are several rising wedges below price. Some are well below price and I see one under $200. I drew one rising wedge that I saw in this chart as I did not feel like spending the entire morning drawing rising wedges (o: A rising wedge is a bearish pattern and both trendlines slope up then converge at the apex. Rising wedges create a supply overhang at that level. A rising wedge is not valid until the bottom trendline is broken. From what I have noted, it could be months, years or just days, but the trendline of a rising wedge is eventually broken. I do not like rising wedges below me, but we are all different.
Short interest is 1.71%
Bullish Marubozu candle today with both ends shaven right this second. That can change by close.
The 20 DMA crossed down through the 50, but the 20 looks as if it it pointing upward toward the 50 again. It may or may not make it up there.
Time will tell.
If price breaks the top trendline convincingly, then possible targets are above the rectangle.
If price breaks the bottom trendline and forms a convincing downtrend, then this would be called a Rectangle top, and possible targets are below the rectangle.
No recommendation.
