LSPD trade ideas
Ascending Broadening Wedge: Bearish short term, bullish LT While this company may be a good long term investment, it is bearish in the short term. This ascending broadening wedge is bearish. The gist is that its likely going to breakdown here (unless something CRAZY happens). The white lines are broadening wedge, while the yellow line is the daily/4hr trend (which it has now just broke support), and will likely retest the yellow line, then fall down to the first buy target (the bottom of the wedge) is $32. Then, if it continues to fall, ladder in those buy entries at those supports. This pattern is void if it breaks up past the midpoint.
Fundamentals of this company are good though (so says my friend who is a nerd, because as we all know, fundamentals are for losers!)
More info on wedges: forexop.com
