GRT/USD - We broke out of the wedge to find new resistance
GRT broke out of the descending wedge only to hit the resistance at Fib. 23.6%.
Today we had a quick rise after breaking the wedge and a sharp rejection at Fib 23% as indicated by the chart. This is not ideal since the rejection candle was longer indicating we may range a bit around the support area before we can have another attempt at resistance.
If we fall under the support line, we may touch the old wedge line and make it support. In that case we will have a bearish chart for the next few days. As long as the support line holds, there is a good chance we will break-up as the price is compressing and has to move out.
Best to wait for this formation to resolve before entering.
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Today we had a quick rise after breaking the wedge and a sharp rejection at Fib 23% as indicated by the chart. This is not ideal since the rejection candle was longer indicating we may range a bit around the support area before we can have another attempt at resistance.
If we fall under the support line, we may touch the old wedge line and make it support. In that case we will have a bearish chart for the next few days. As long as the support line holds, there is a good chance we will break-up as the price is compressing and has to move out.
Best to wait for this formation to resolve before entering.
Like and follow if you liked this idea!
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