For those overoptimistic about yesterday's post market news on $GME, I've brought you a sobering chart today.
I count at least 4 attempted breakouts above the elephant in the room, that downward sloping yellow trend line, which has been neatly respected by the price. None of these attempts resulted in a long term break of structure.
Does that mean the line won't break? The price is trading against a long term resistance area in this market, that has been rendered support, after the infamous happenings back in the beginning of 2021. Right below that threshold lies the humble demand area from where that gargantuan bullish candle exploded in January 2021. What does this mean? Although different timeframes, different strategies allow for virtually limitless ways to make money in the markets ... Being bearish here won't make your pursuit easy.
What then?
For the bulls out there ... how about waiting for a confirmed close above this trendline ... in this timeframe?
Cheers
Tenacious Tribe - Back Tested Trading Strategies & Quantitative Studies
I count at least 4 attempted breakouts above the elephant in the room, that downward sloping yellow trend line, which has been neatly respected by the price. None of these attempts resulted in a long term break of structure.
Does that mean the line won't break? The price is trading against a long term resistance area in this market, that has been rendered support, after the infamous happenings back in the beginning of 2021. Right below that threshold lies the humble demand area from where that gargantuan bullish candle exploded in January 2021. What does this mean? Although different timeframes, different strategies allow for virtually limitless ways to make money in the markets ... Being bearish here won't make your pursuit easy.
What then?
For the bulls out there ... how about waiting for a confirmed close above this trendline ... in this timeframe?
Cheers
Tenacious Tribe - Back Tested Trading Strategies & Quantitative Studies