Trade setup: Consolidating in a Falling Wedge pattern. Trend Traders: wait for a breakout, which could signal a potential bullish trend reversal. Swing Traders: Pullback near $80 support could be a swing trade entry with +15% upside potential back to $90 near-term. That $80 horizontal support level also lines up with a 200-day moving average, making it a robust support zone. Stop Loss (SL) at $75 (just below support zone).
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $80. The nearest Resistance Zone is $95 (previous support), then $115, and $125.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $80. The nearest Resistance Zone is $95 (previous support), then $115, and $125.