Wedging since 2021!!!
TPs at each fib level but ultimately swing to ~$48
Push Play Enjoy -- This is charted not in LOG scale
Youtube: www.youtube.com/channel/UCO85FMvCQzxq5QBEOpERkRg
Linktree: linktr.ee/swingtradepros
Website: www.swingtradepros.com
Discord: discord.gg/swingtradepros
Linktree: linktr.ee/swingtradepros
Website: www.swingtradepros.com
Discord: discord.gg/swingtradepros
📈 Ticker:
📅 Timeframe: Daily Chart
📊 Pattern: Falling Wedge
📉 Understanding the Falling Wedge Pattern:
A falling wedge is a bullish chart pattern formed by converging trendlines that slope downward. Typically occurring during a downtrend, it suggests diminishing selling pressure and a potential reversal. This pattern indicates that buyers might regain control, potentially leading to an upward price movement.
🔍 Identifying the Falling Wedge on
Upon careful examination of the daily chart for
1️⃣ Recent downtrend:
2️⃣ Converging trendlines: The upper trendline connects the lower highs, while the lower trendline connects the lower lows.
3️⃣ Decreasing trading volume: As the falling wedge pattern develops, the trading volume has been declining, signaling a potential reduction in selling pressure.
📈 Price Targets and Trading Strategy:
If the falling wedge pattern on
1️⃣ Target 1: Resistance level near $40.00
2️⃣ Target 2: Psychological resistance near $45.00
🛡️ Risk Management:
Managing risk is crucial for successful trading. Implement the following risk management techniques:
1️⃣ Set a stop-loss order below the lower trendline to protect against unexpected price movements.
2️⃣ Adjust position size based on your risk tolerance and overall portfolio management strategy.
🔔 Conclusion:
Keep a close eye on Plug Power Inc. (
Disclaimer: This post is for informational purposes only and should not be considered as financial advice. Always conduct your own research and consult with a qualified financial professional before making any investment decisions.
Happy Trading! 📈💰
#TechnicalAnalysis #FallingWedgePattern #PLUG #BullishReversal #TradingView