So here's some interesting stats on where a wedge breakout might go according to standard TA.. Actually on Thursday and Friday price broke through a tight cluster of a few key areas and levels including the 50 day EMA at $1.195 , the last pivot high at $1.305 and even closed a smidgen above the longer term downward trend line. However it's the wedge that has formed over the last few months and the trading that it represents- the supply and demand dynamic- that is most interesting.
These sorts of Wedges are also called Symmetrical Triangles and sometimes "coils", and you can learn more about them here if you're interested ( http://thepatternsite.com/st.html or https://www.investopedia.com/terms/s/symmetricaltriangle.asp ).. Here's some tips from Bulkowski's Pattern Site - the go to place for chart patterns:
Using the standard measure rule for successful wedge breakout the target is $1.79.. The average rise for an upward breakout is 34%, which is $1.715.. 58% of all wedge breakouts meet the target. That's 58% of all types of wedge breakouts including mediocre ones, strong ones. long ones, short ones. But this is not a mediocre wedge- this is a GREAT wedge! High volume breakouts do better: check. Breakouts in the lower third of the yearly low do better: double check. Breakouts at the start of trends do better: triple check.
But is there a chance of a pullback? Yep, apparently 62% of wedge breakouts experience a pullback. And this can be back to about the breakout level and sometimes to the level of the apex of the wedge, which would be $1.195.
$1.79 heh? A perfectly reasonable start I reckon. Then for the real action to start![]()
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Last
21.0¢ |
Change
0.010(5.00%) |
Mkt cap ! $217.3M |
Open | High | Low | Value | Volume |
20.5¢ | 21.0¢ | 20.0¢ | $278.6K | 1.346M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
9 | 172414 | 20.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
21.0¢ | 33436 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
9 | 172414 | 0.205 |
27 | 767407 | 0.200 |
17 | 951654 | 0.195 |
18 | 1139052 | 0.190 |
3 | 355000 | 0.185 |
Price($) | Vol. | No. |
---|---|---|
0.210 | 33436 | 2 |
0.215 | 66000 | 2 |
0.220 | 284991 | 4 |
0.225 | 280456 | 7 |
0.230 | 75000 | 3 |
Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
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