Analysis: A head-and-shoulders pattern is forming on the 4-hour chart, with the head at $22.80 and the neckline at $21.50. A break below the neckline would confirm a bearish reversal, targeting $19.20 (pattern height projected downward). The ADX (14) at 30 indicates a strengthening trend, and declining volume on rallies supports bearish momentum. The stock’s 7.33% volatility suggests a sharp move is possible.
Trade Plan:
Entry: $21.40 (break below neckline).
Stop Loss: $22.00 (above right shoulder).
Target: $19.20 (pattern target, ~12.1% downside).
Risk-Reward Ratio: 1:2.2.
Timeframe: 5-10 days.
Indicators: ADX, Volume, Pattern Analysis.
Trade Plan:
Entry: $21.40 (break below neckline).
Stop Loss: $22.00 (above right shoulder).
Target: $19.20 (pattern target, ~12.1% downside).
Risk-Reward Ratio: 1:2.2.
Timeframe: 5-10 days.
Indicators: ADX, Volume, Pattern Analysis.
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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.
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.