The stock has formed a Rising Wedge pattern after a strong rally, with multiple rejections from the upper trendline (marked by red arrows). previous price action shows weakness near the resistance zone, indicating a potential breakdown.
🔹 Key Highlights:
Risk-to-Reward favored on the short side as price rejects resistance.
🔻 Breakdown Confirmation:
This setup offers a clean technical short opportunity if downside momentum continues. Suitable for traders looking to capitalize on wedge breakdowns with volume confirmation.
Disclaimer: Risk management is crucial in this volatile market, so keep position sizing appropriate. This analysis is intended for educational purposes and not financial advice.
🔹 Key Highlights:
- Rising Wedge Pattern visible on the daily chart – a bearish reversal setup.
- Volume surge in recent sessions signals distribution at higher levels.
- Gap Support at 277 – likely to be tested once breakdown confirms.
- Immediate Target: 280, aligning with horizontal support.
Risk-to-Reward favored on the short side as price rejects resistance.
🔻 Breakdown Confirmation:
- 277 (Gap level)
- 241.45
- 219.22
This setup offers a clean technical short opportunity if downside momentum continues. Suitable for traders looking to capitalize on wedge breakdowns with volume confirmation.
Disclaimer: Risk management is crucial in this volatile market, so keep position sizing appropriate. This analysis is intended for educational purposes and not financial advice.
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