Wish looks primed and ready for its first real uptrend on the daily. Falling channel breakout and back test for support of the previous resistance line of the falling channel. Rsi divergence at the all time low. Look for a move up off of the top of the channel and take a long position to previous highs. Then look for a consolidation in the zone above (lower highs and higher lows as a continuation pattern up). If that’s the case we can take a long and measure a target above the all time highs. If the price happens to blast right through all time high with no pull back, then I would suggest scaling out above the all time highs and wait for a healthy pull back. If the price is rejected at the bottom of the resistance zone, then the idea should be re-assessed.
Kommentera:
The price is back in the channel. Risk reward still very good. Look for a bounce at or above the MAs converging on the chart. If there is not a meaningless bounce (possibly already starting as I’m writing this), and the price falls below the MAs, then I suggest accumulating at the support line of the Channel.