Falling Wedge/Bottom Fishing
Zaktualizowano
HOOD is closing in on the all time low. A stop below this low would not be far away today. If price goes below this low, there is no support to be found, so it could be a long time before it forms a bottom.
Short interest is 6% and negative volume is very low right now. OBV is hanging in there. Possible bullish divergence on RSI, but divergences are best seen on the weekly timeframe and there is not enough chart formation yet to see much on weekly.
Not a pretty picture except for the falling wedge.
Falling wedges are often found at the bottom or towards the end of a deep pull back. FWs are considered bullish but can be a long term pattern. Price must break the upper trendline with conviction.
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. They are opposite of a rising wedge which is bearish.
No recommendation/strong downtrend noted.
Short interest is 6% and negative volume is very low right now. OBV is hanging in there. Possible bullish divergence on RSI, but divergences are best seen on the weekly timeframe and there is not enough chart formation yet to see much on weekly.
Not a pretty picture except for the falling wedge.
Falling wedges are often found at the bottom or towards the end of a deep pull back. FWs are considered bullish but can be a long term pattern. Price must break the upper trendline with conviction.
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. They are opposite of a rising wedge which is bearish.
No recommendation/strong downtrend noted.
Komentarz
OOPS/Hood went under previous low!
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