The share has been in a gradual upward trend, with higher lows pushing the share to a six-month high. While the trend has been up, momentum may be slowing with: (1) a rising developing, (2) the price at the prior swing highs and (3) the RSI
starting to roll over with a pending break of the incline. With the share, I am considering action from both the long and short side. BUY/LONG Scenario: The 12135-12200 zone was prior resistance: on a breakdown of the rising wedge
we may see this re-tested followed by a (potential sharp
) back-test. SELL/SHORT Scenario: The price may overshoot the rising wedge
– resulting in a false breakout followed by a pullback.
-- MANAGE YOUR RISK - -
Disclaimer: This technical view forms part of a larger research note and hence the idea should be viewed as part of a broader diversified trading portfolio.