Rocket Lab has been in a descending wedge and every attempt at breaking out of the pattern has been rejected so far.
It looks like a breakout is possible this time. If the price can break above $10, the pattern breakout is confirmed and the price can travel to around $15 with resistance areas along the way with $10 and $11.74 being most significant.
A bull might bet on a possible breakout with a stop loss below $7.50.
Target 1 - $10
Target 2 - $11.74
Target 3 - $15
Stop - $7.50
Risk - break below $7.50 and fall to $5.86.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.
It looks like a breakout is possible this time. If the price can break above $10, the pattern breakout is confirmed and the price can travel to around $15 with resistance areas along the way with $10 and $11.74 being most significant.
A bull might bet on a possible breakout with a stop loss below $7.50.
Target 1 - $10
Target 2 - $11.74
Target 3 - $15
Stop - $7.50
Risk - break below $7.50 and fall to $5.86.
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.