Curious about what everyone thinks about this as well as my analysis...
After predicting the potential for a breakout, looking into indicators to try and get a sense for the direction as the wedge is rather a toss-up:
After predicting the potential for a breakout, looking into indicators to try and get a sense for the direction as the wedge is rather a toss-up:
- RSI
Showing very low on the 4hr, and Daily nearing a 50-cross... this tells me it looks like an upward break, which will bounce the daily back up (will not pull it into a downward cross).
Averages Analysis
- 21, 50, 100 EMA and 200 SMA analysis: Crosses have occurred, showing negative trend forming, or at least for the time being. Since it's channeling it's tough to say.
MACD
- Showing potential for a cross back upwards on the 1hr, and a decent negative trend already crossed 12hrs back.
Momentum
- (I use TTM Squeeze) is showing we are in a squeeze on both the 1hr and 4hr chart. Momentum looks like it may be recovering enough to push a MACD crossover on the 1hr, but on the 4hr it looks like momementum is still pushing strongly negative.