The stock has formed a Rising Wedge pattern after a strong rally, with multiple rejections from the upper trendline (marked by red arrows). previous price action shows weakness near the resistance zone, indicating a potential breakdown.
🔹 Key Highlights:
Risk-to-Reward favored on the short side as price rejects resistance.
🔻 Breakdown Confirmation:
This setup offers a clean technical short opportunity if downside momentum continues. Suitable for traders looking to capitalize on wedge breakdowns with volume confirmation.
Disclaimer: Risk management is crucial in this volatile market, so keep position sizing appropriate. This analysis is intended for educational purposes and not financial advice.
🔹 Key Highlights:
- Rising Wedge Pattern visible on the daily chart – a bearish reversal setup.
- Volume surge in recent sessions signals distribution at higher levels.
- Gap Support at 277 – likely to be tested once breakdown confirms.
- Immediate Target: 280, aligning with horizontal support.
Risk-to-Reward favored on the short side as price rejects resistance.
🔻 Breakdown Confirmation:
- 277 (Gap level)
- 241.45
- 219.22
This setup offers a clean technical short opportunity if downside momentum continues. Suitable for traders looking to capitalize on wedge breakdowns with volume confirmation.
Disclaimer: Risk management is crucial in this volatile market, so keep position sizing appropriate. This analysis is intended for educational purposes and not financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.