Clues
(1) ascending wedge in downtrend is bearish (but agreeably the next major trend is bullish)
(2) price where a large resistance line exists and a former support line is now acting as resistance
I think it would be wiser to wait and buy when price goes back down to the stronger trend support line (in black).
That said, any short position here should have a tight stop.
Bear
Here is how I envision the short trade to go if you were to take it right now.
Bull
Here is the bullish case - buying the breakout retest.
(1) ascending wedge in downtrend is bearish (but agreeably the next major trend is bullish)
(2) price where a large resistance line exists and a former support line is now acting as resistance
I think it would be wiser to wait and buy when price goes back down to the stronger trend support line (in black).
That said, any short position here should have a tight stop.
Bear
Here is how I envision the short trade to go if you were to take it right now.
Bull
Here is the bullish case - buying the breakout retest.
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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.