Hi all, here's a chart from another angle but same result.
I have top of wedge drawn differently (using wick highs) which gives current wedge break of $1.28 - exactly the same target as
@Bunderla - (tomayto, tomahto).
I'm new to SYR (bought on Tuesday) but it was on Sunday going through lots of charts that this one made me do a double take and a closer look.
Here's a couple of charts with comments that I did last night to show you what I mean- hope some of you are interested. The first chart is a weekly and the feature that jumped out at me was the massive volume traded at the current levels compared to any other time. Take a look at the Volume Profile (sideways bars also called Volume at Price by some)- massive volume at this range since most recent major high in Jan 18, and even compared to any level since all time high in June 16. In fact it is massive volume traded in this range compared to any other level since the ATH before that in July 2014! Something appears to be going on.
So I had a closer look at the daily, and drew the wedge etc. What is more interesting is how this wedge has formed, kicking off with an ultra high volume absorption bar on March 13, which knocked price sideways and began what look very much like some solid accumulation since then. Everyone can see the selling intent (large daily shorts) over the last week but it appears to me "real" supply was drying up and the impact of the short selling was become less and less with demand absorbing supply. Selling to grind the price down is becoming more expensive.
I must admit, it looked to me like the range that sellers were trying for was under $1.10, so I didn't expect todays little jump so soon. But hey happy to go with it obviously, but I agree with Bunderlas conclusion that the potential for real fireworks will kick in once the top of this wedge/neckline is broken. The professional shorts will not give up without a fight, but there is a huge warehouse of guaranteed buyers ready to go if there is follow through on todays momentum so far.
Second chart is a daily with some running commentary for some infotainment...
Good luck everyone.
(20min delay)