We are approaching a strong trendline support level which begain back in 2017. The stock is heavily oversold, RSI is in a descending wedge pattern. We are also approaching the golden pocket Fibonacci retracement which can provide additional support.
I expect a reaction at these levels and a breakout from the falling wedge pattern on the RSI. So far patience has been the best strategy, I do think this is the final Wave 5 of the correction and so this puke can continue a little further. It's hard to get the optimal entry on a falling knife, to play it safe you can await the wedge breakout with strong bullish volume.
Not financial advise.
I expect a reaction at these levels and a breakout from the falling wedge pattern on the RSI. So far patience has been the best strategy, I do think this is the final Wave 5 of the correction and so this puke can continue a little further. It's hard to get the optimal entry on a falling knife, to play it safe you can await the wedge breakout with strong bullish volume.
Not financial advise.
交易進行
Reaction confirmed, trade entered at $78. Stop loss moved to break even
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