Hey As you can see its testing Key Resistance. Descending triangle. Negative divergence, Negative Cash Flow...
Trade active
Fail to Break resistance 2 day. Updated chart. Moved top line to maker smaller descending triangle. Abbvie is getting sued again(Friday 9th) This rally will end soon. Never been so sure about a trade this much! Trade active
As you can it got rejected from the bottom of the Triangle former support. It confirms this formation (Descending Triangle). Downside Target $65-$68 from hereNote
On the hourly chart bulls tried to push it higher and created an ascending wedge formation and finally broke down from it. Short it guys! Trade active
Bulls still trying to break resistance. Failed big time. I posted a 15min chart. Bulls are trying and trying. Once it breaks down to $85 its game over....Trade active
I moved my stop loss to $93.50. Its really over bought on daily. Ascending triangle will break in the next few daysNote
Ascending Wedge"Trade active
Failed to break resistance. I had to make some adjustments with the Chart. Turns out it was building ascending Wedge. So right now it could bounce of support tomorrow or break down. If its a big selling day like today it should break it. But bulls are trying very hard to push it higher thinking its bottomed out and making higher lows. Let see how it plays out!! Note
Bigger chart: DailyTrade active
Abbvie is consolidating after the initial drop from resistance. Now its creating a Bear Flag(Target from the Flag $77.31) Very nice short entry today!!! Over all Target From the Triangle is $66Trade active
Invalidated Bear Flag. Head & Shoulder. Filling the right shoulder nowTrade active
I thought Inverse Head & Shoulder Pattern failed but it made a little bigger right shoulder and It broke out of downtrend and Neckline at the same time. Feds Dovish tone made the Markets rally. Need to see follow through before closing my shorts with a loss. Still a chance it could be fake out (looks not to me now). G-20 meeting with Chinese President will decide the faith on Monday!!!! Trade active
As you can see from my previous post it did make a false break out. This kind of Inverse H&S not as bullish.Now it looks like another H&S pattern. It might bounce tomorrow to make a bigger right shoulder.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.