Quote:
Originally Posted by petegz28
I wouldn't call that a wedge but that's me. What it is though is "filling the gap" which stocks have a strong tendency to do. That being said it is a good entry point.
Also from a purely technical analysis perspective your "pivot point" isn't a true pivot point. Pivot points are calculated for day trading based on the previous day's OHLC.
What you have highlighted is a classic example of resistance becoming support, assuming it holds. Again, you are right about the approach but I think your verbiage is a bit off is all.
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All correct. The 30 minute chart makes it look more similar to a falling wedge but it’s still a stretch. Is there a name for this?
And yes, I’m being generous with pivot point too. Didn’t know how else to show/name a “change” in direction point. Trying to provide some basic guidance for these meme stock bros in here.