BBY looks to be trading in a rectangle. R (resistance) overhead and S (support) below at bottom trendline of the pattern..
There is a break-away gap below price that may provide a strong level of S if, and only if, this were to break down to that level..
A rectangle is a continuation pattern but can also be a reversal pattern..
Rectangles are like a horizontal channel. Price bumps it's head on the R above and saved by the S below. They do not go on forever though and price will break up or down eventually..
Targets are listed for a break down or a break up. Mid Rectangle can be a stop whichever way price decides to go...
This can also be called a rectangle top because price entered from the bottom (creating a top).
BBY has been traveling in a possible rising and narrowing channel for quite a while
Guessing which way this will break can be a death wish until one of the trendlines are broken...Best to have at least 5 touches, 3 on one trendline and 2 on the other...If the rectangle is tal enough, folks sometimes swing trade inside of this pattern.
There is a break-away gap below price that may provide a strong level of S if, and only if, this were to break down to that level..
A rectangle is a continuation pattern but can also be a reversal pattern..
Rectangles are like a horizontal channel. Price bumps it's head on the R above and saved by the S below. They do not go on forever though and price will break up or down eventually..
Targets are listed for a break down or a break up. Mid Rectangle can be a stop whichever way price decides to go...
This can also be called a rectangle top because price entered from the bottom (creating a top).
BBY has been traveling in a possible rising and narrowing channel for quite a while
Guessing which way this will break can be a death wish until one of the trendlines are broken...Best to have at least 5 touches, 3 on one trendline and 2 on the other...If the rectangle is tal enough, folks sometimes swing trade inside of this pattern.
註釋
Before considering a swing trade of this stock, I would be watch it be extremely careful as there is a possible rising wedge (bearish) and the monthly and weekly candles are bearish today. Things change though. Be safe註釋
and a head and shoulders top
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