Rising Wedge on 4H extends higher

21 de mai. de 2018

The 4H Rising Wedge is near hitting the 72.60 target on balanced RSI, Highs/Lows and B/BP numbers (63.436, 0.5650 and 1.1720 respectively). Although STOCHRSI, Williams and CCI are overbought, the uptrend Channel can extend even higher as the supporting line on the Rising Wedge provides support above 70.90. If broken then the 1D Channel Up will make a pull back to 69.00 probably (will short the distance and buy near this support, which will be a Higher Low). Attention is needed on the long term as 1W is overbought (RSI near 70) calling for a long period of consolidation.