Long entry 90.65 when rising narrowing wedge is no longer an issue
A candle wich has broken through bottom trendline of a bearish rising wedge. Average fall is 35% and pattern is valid when bottom trendline is broken. PAYX has been in several rising wedges since the bottom and has not slowed down much,, appears to be on a mission!
Possibility that this one will get a bit closer to long entry level..Long after fall from rising wedge is complete ..weekly candle is a shooting star.
support at 90.75ish
Rising narrowing wedges are usually bearish..they differ from a triangle in that both lines slope up and converge at an apex. You can usually see where price did not touch bottom trendling for an extended period (See - marks on chart meaning a "no touch") Rising wedges are formed by too much buying without healthy pull backs and interfer with supply and demand.
A chart can be an xray of supply and demand.
Price can break up and out of a rising wedge but it is not usually a long term thing. CRM broke up and out when inducted in to the DOW. As a rule, price struggles if it breaks up from a RW.
Not a recommendation/just an observation
I have owned this stock in the past and looking again as it lacks extreme volatility as a rule and pays a good dividend for my IRA. I have not purchased it again because it has been in and out of rising wedges since the bottom. But had I bought it at the bottom and just went with it, I would have some cash by now,,lol..oh well. I can not win them all! and
Looking through the rear view mirror is often easier than the view through the windshield (o:
A candle wich has broken through bottom trendline of a bearish rising wedge. Average fall is 35% and pattern is valid when bottom trendline is broken. PAYX has been in several rising wedges since the bottom and has not slowed down much,, appears to be on a mission!
Possibility that this one will get a bit closer to long entry level..Long after fall from rising wedge is complete ..weekly candle is a shooting star.
support at 90.75ish
Rising narrowing wedges are usually bearish..they differ from a triangle in that both lines slope up and converge at an apex. You can usually see where price did not touch bottom trendling for an extended period (See - marks on chart meaning a "no touch") Rising wedges are formed by too much buying without healthy pull backs and interfer with supply and demand.
A chart can be an xray of supply and demand.
Price can break up and out of a rising wedge but it is not usually a long term thing. CRM broke up and out when inducted in to the DOW. As a rule, price struggles if it breaks up from a RW.
Not a recommendation/just an observation
I have owned this stock in the past and looking again as it lacks extreme volatility as a rule and pays a good dividend for my IRA. I have not purchased it again because it has been in and out of rising wedges since the bottom. But had I bought it at the bottom and just went with it, I would have some cash by now,,lol..oh well. I can not win them all! and
Looking through the rear view mirror is often easier than the view through the windshield (o:
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.