SNX (Synthetix): Falling Wedge
Trade setup: Price is in a downtrend, trading in a Falling Wedge pattern. Swing traders: price is approaching the Wedge support trendline and $1.00 horizontal support, and is oversold (RSI < 25!), which makes for a good trade entry, with +50% upside potential to $1.50 key level. Stop Loss at $0.87.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order. Learn to trade chart patterns in Lesson 8.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum: Price is Very Oversold currently, based on RSI-14 levels (RSI < 25).
Support and Resistance: Nearest Resistance Zone is $1.85, then $2.50.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order. Learn to trade chart patterns in Lesson 8.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum: Price is Very Oversold currently, based on RSI-14 levels (RSI < 25).
Support and Resistance: Nearest Resistance Zone is $1.85, then $2.50.
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