$BLDP weekly chart. Price was rejected a second time from a possible upper channel boundary. I’m looking for price to retrace toward the mid-line (arrow) and/or for the EMA8 to catch up. If it drops beyond that, I’d look for the next reversal zone to be along the red trend line.
@sctppr Soooo, $BLDP...looking at the hourly chart, price looks like it’s coiling into a wedge here. The problem with wedges is that they can easily break either way, and often make major moves. Based on previous price action, I’d lean toward the bullish side, although price is also banging up against a long term channel boundary (which could argue for a possible bearish short term reversal). However, taking a look at how $PLUG broke out (and retraced) today, my crystal ball forecasts that we’ll likely have a bullish breakout as we move toward the end of this wedge. Having said that, if price closes below that lower trend line, it could retrace to the EMA20 on the daily (currently at 12.74). Just for full disclosure, I have a position in $BLDP, entry at 10.81.
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