Don’t really need to change my drawings for the 1 hr. Looks like an ascending broadening wedge using the top of our old channel as resistance. I didn't draw the bottom of the wedge because its easy to imagine. These patterns lean bullish and can provide good short term or swing trades. Assuming we test the top of our triangle (seen on the 4 hr and daily) we have 11% upside and 10% downside (assuming support at the bottom of our previous channel) or 2.3% downside if you assume the 200 will act as support again on the 4hr.
RSI is 44. MacD is bullish but unsure. Looks like it will coast to the 0 line. Notable that the 12, 26 and 50 ma just crossed the 200 bearish on the drop yesterday. Again, look for them all to squeeze for a good trade. I’m seeing a good short term bullish trade here to be honest but the only thing keeping me from taking it is that our resistance is heavy. I think it is more likely we hit the red resistance box and consolidate within it, then drop back to around 75 near the end of the week, rather than going to test the top of the triangle. This would be the more IDEAL long setup as well.
RSI is 44. MacD is bullish but unsure. Looks like it will coast to the 0 line. Notable that the 12, 26 and 50 ma just crossed the 200 bearish on the drop yesterday. Again, look for them all to squeeze for a good trade. I’m seeing a good short term bullish trade here to be honest but the only thing keeping me from taking it is that our resistance is heavy. I think it is more likely we hit the red resistance box and consolidate within it, then drop back to around 75 near the end of the week, rather than going to test the top of the triangle. This would be the more IDEAL long setup as well.
