Prices are going up but the strength indicators are going down. This is a clear bearish divergence pattern and traders should be careful being too bullish on this name. Good luck out there!
Inside bars are a very strong pattern, and the longer we create more inside bars on the daily, the longer the upside or downside becomes.
In this case, the inside bars created have been VERY close to previous highs/lows, which means if this type of pattern holds we could see more inside bars for 2-5 days!
If it breaks (and breaks with volume) then the trade...
This is very likely a bullish trend, but it's better to react on a bull break. Any sort of market uneasiness could cause a bear break, so don't count your chickens before they hatch!
If consolidation continues, then we should get a break within 1-3 months.
OMG has broken bullish from its wedge pattern. This indicates a desire for the market to continue further, however we want to make sure we confirm the bull break with a candlestick closing above, and see a rise in trading volume for us to be sure.
Bull break with increasing volume to prove it. 5 and 15m confirmations of the break. Aggressive traders will scale in, safe traders will wait for a 1h confirmation.
