Ascending Broadening Wedge Sets Up Positive Risk: Reward Ratio
With market internals showing signs of weakness and less and less mega pharma co.'s hitting new highs, FlashPoint Trading Academy has been on the hunt for a good shorting opportunity.
We've made plenty of money trading Merck to the long side and now its time to reverse our position. As you can see by the above chart pattern, MRK's price action has formed an Ascending Broadening Wedge Pattern. The April high should prove difficult to breach to the upside which is approximately 3 points away. On the other hand, a push below the rising blue trend line could send MRK spiraling back to support, $10 points away. 1:3 Risk to Reward.
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We've made plenty of money trading Merck to the long side and now its time to reverse our position. As you can see by the above chart pattern, MRK's price action has formed an Ascending Broadening Wedge Pattern. The April high should prove difficult to breach to the upside which is approximately 3 points away. On the other hand, a push below the rising blue trend line could send MRK spiraling back to support, $10 points away. 1:3 Risk to Reward.
Please click like and follow FlashPoint's other actionable trade ideas. Thank you!
AlgoTrend Capital LLC