Daily:
-Consolidation supported by 200 day EMA (also seen on 200 SMA)
-VWAP from peak has been consistent resistance
1HR:
-Easily seen symmetry playing out in Inv. H&S/Rounding bottom bullish reversal
-Wedge forming above gap filled area of support
-Price finding support on 1HR atop converging EMAs. 50 EMA soon to cross 200 EMA, price is likely to be pushed higher, specifically given prior price action on 5/29 and 6/2 where the 50 EMA acted as strong and rising support level
Bullish as long as price remains above the gap area (>$14). I am looking for breakout of wedge/pennant on 1HR to enter this trade, I will place sell order for 1/2 position at the VWAP level.
-Consolidation supported by 200 day EMA (also seen on 200 SMA)
-VWAP from peak has been consistent resistance
1HR:
-Easily seen symmetry playing out in Inv. H&S/Rounding bottom bullish reversal
-Wedge forming above gap filled area of support
-Price finding support on 1HR atop converging EMAs. 50 EMA soon to cross 200 EMA, price is likely to be pushed higher, specifically given prior price action on 5/29 and 6/2 where the 50 EMA acted as strong and rising support level
Bullish as long as price remains above the gap area (>$14). I am looking for breakout of wedge/pennant on 1HR to enter this trade, I will place sell order for 1/2 position at the VWAP level.