OMU - Descending Triangle
Updated
Descending triangle pattern building on OMU. Will need to close below previous swing lows, at R11. First target at R10 and full target at R7
Note
stock hasn't closed below R11 yet but has broken the trend line and now needs to break previous swing lows.Trade active
Still no close below R11 but it has now set up a better trade idea with a mini bear flag touching it's previous trend line. A close below R11.60 will trigger the short with 1st target at R10 and 2nd target R7. Stop loss is a close above R12.Trade active
OMU has come back to the top of the triangle formation. Which if it sets up could give us a better entry. R13 has been the big level of resistance. A nice reversal day at that level could trigger our short idea.Trade active
Idea is still active although we haven't had any reversal day of that R13 level. Short's just below that level seem to be working out intraday.Order cancelled
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