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No piercing line cos we're not in a down trend.

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totoschillaci

1,184 Posts.

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18/11/21

21:09

Post #: 57685564
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Originally posted by Darkstone: ↑

What will it mean for the SP if the wedge fails tomorrow and goes and stays above $9.50?
Then the wedge is completed and it should rise in the channel, with the purple line tracking the bottom initially until it forms a new channel, probably steeper than the purple line as that tends to be a fall back line for the major channel. It would have to rise above 957 as that will be the first resistance point for the new channel, so it would probably bounce off that at first and then breakthrough on the second try intra-day.

Its worth noting that the candle pattern from today is a bullish piercing line which we had a few days ago followed by a price jump. and then this retrace. The rule for that is that prices have to stay above the last close for confirmation.

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No piercing line cos we're not in a down trend.

ORE Price at posting: $9.47 Sentiment: Hold Disclosure: Held
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0 Great analysis

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