FET - Bullish wedge
Обновлено
Time for a new analyis on FET :) So obviously the fractal didn't play out tha well to say the least but it's still helpful to identify certain market patterns once in a while to get a feeling on how markets behave. Of course, history won't repeat itself, but it rhymes :)
Anyway, as we speak FET is printing a nice bullish wedge on the daily chart with volume confirming it. On top of that 1$ sounds like a decent entry, although I think we are going to see some random moves tomorrow and likely another 3-6% stop hunt below 1$, but really should not go any lower, saying another 20-30% flush.
Bullish wedges have a high hit rate, probably second highest hit-rate after double-bottom patterns BUT if they fail, they fail HARD. If you want to be safe you should wait for a breakout of the trendline and long on retest, longing here would be a more aggressive aproach bit think it's worth a shot, although it's a bit knife-catching. Just adjust your risk management and don't overleverage (been there, done that).
Target should be around 2$, so pretty decent ROI.
Stay safe!
Anyway, as we speak FET is printing a nice bullish wedge on the daily chart with volume confirming it. On top of that 1$ sounds like a decent entry, although I think we are going to see some random moves tomorrow and likely another 3-6% stop hunt below 1$, but really should not go any lower, saying another 20-30% flush.
Bullish wedges have a high hit rate, probably second highest hit-rate after double-bottom patterns BUT if they fail, they fail HARD. If you want to be safe you should wait for a breakout of the trendline and long on retest, longing here would be a more aggressive aproach bit think it's worth a shot, although it's a bit knife-catching. Just adjust your risk management and don't overleverage (been there, done that).
Target should be around 2$, so pretty decent ROI.
Stay safe!
Заметка
Now we had this nasty stop hunt below the support but already back in the wedge. Still believe this is going to play out, unless we see that low being made get taken out but giving it a high chance from here.
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