8.12.17 | F | Falling Wedge Breakout

| F |
Price is forming a Falling Wedge on the breakout of an upward moving channel. Currently it is trading between two historical support and resistance lines. There is 23 cents of volatility left in the Falling Wedge which suggests that price will be breaking out within the next two trading sessions. The first target is set at the .236% line on the Fibonacci Retracement and the next target is anywhere inside the Fibonacci Zone (red). The first indication of a reversal is a close above the Fibonacci Zone, if price is going to remain bearish it should not be trading anywhere above this Zone (red). The MACD indicator is sped up and nearing a bullish cross-over, Stochastic’s has formed a Falling Wedge pattern into oversold pending a bullish reversal, and the Awesome Accelerator is signaling for a bullish crossover on the zero line.

Entry, Use an Intraday chart to enter the trade on a swing low, Exit at your comfort using the targets, and place your Stops using Daily Volatility .

Source: StockSetups