ABC.ax is a construction company and will yield some benefit from the Government's infrastructure spending. It is forming an inverted H & S pattern. As has been the case recently, with many inverted H & S patterns, the price breaks out, comes back down to test the neckline and fails. Do not let the pattern fool you that it is bullish. Wait for the retest. Do NOT give in to FOMO.
Kommentera:
Step 1 - Broke out and closed above the neckline
Kommentera:
Waiting for decent volume and momentum on the retest of the neckline
Kommentera:
Watching the really interesting move now - does the price action break below the right shoulder low or bounces back up with a higher low.
Kommentera:
Moving back above the neckline..good volume
Kommentera:
If you followed the price action since Dec 04, you will note that price went ot $3.94. It then retraced down to test the $2.85 zone and is bouncing back. RSI diverging. Watch for an up move