Ring Falling Wedge, 200ma Beat
Ring has formed a falling wedge(FW) pattern as price trends above the 200ma for the first time since early 2021. Falling wedges tend to be bullish patterns as price tends to break up and out of them which price is attempting to do on this move up this morning. Having 200ma support for the first time in over two years is helping the bull case for a break up and out of the wedge.
The short moving averages(MAs) are all rising and above the long MAs, with all MA's in proper bullish sequential order other than the 100 and 200ma's.
The PPO indicator shows the green PPO line overlayed with the purple signal line. When the green PPO line is trending above the purple signal line the short-term momentum is considered bullish; when the green PPO line is below the purple signal line the short-term momentum is considered bearish. Both lines being above the 0 level indicates intermediate to long-term bullish momentum. Going forward we want to see the green PPO line hold at the purple signal line and turn back up as a signal that price has returned to short-term bullish momentum.
The TDI indicator shows the green RSI line above the 50 level and recent action has the green RSI line trending between the 40-80 levels which indicates intermediate to long-term bullish price trend. Currently the green RSI line is attempting to rise back into the upper half of the white Bollinger Bands and above the horizontal 60 level which beating both would indicate short-term bullish trend in price.
My entry on this trade is $40.46 with a stop-loss at $37.56. Short-term scalping on a successful break out of the falling wedge would put profit-taking near the $43 area based on a measured move of the falling wedge. Should price move above $43 with ease I'll likely keep holding the trade and raise my stop-loss on pullback and moves higher should price begin to create a series of higher highs and higher lows.
The short moving averages(MAs) are all rising and above the long MAs, with all MA's in proper bullish sequential order other than the 100 and 200ma's.
The PPO indicator shows the green PPO line overlayed with the purple signal line. When the green PPO line is trending above the purple signal line the short-term momentum is considered bullish; when the green PPO line is below the purple signal line the short-term momentum is considered bearish. Both lines being above the 0 level indicates intermediate to long-term bullish momentum. Going forward we want to see the green PPO line hold at the purple signal line and turn back up as a signal that price has returned to short-term bullish momentum.
The TDI indicator shows the green RSI line above the 50 level and recent action has the green RSI line trending between the 40-80 levels which indicates intermediate to long-term bullish price trend. Currently the green RSI line is attempting to rise back into the upper half of the white Bollinger Bands and above the horizontal 60 level which beating both would indicate short-term bullish trend in price.
My entry on this trade is $40.46 with a stop-loss at $37.56. Short-term scalping on a successful break out of the falling wedge would put profit-taking near the $43 area based on a measured move of the falling wedge. Should price move above $43 with ease I'll likely keep holding the trade and raise my stop-loss on pullback and moves higher should price begin to create a series of higher highs and higher lows.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.