NUTRIEN LTDLong
Wedge within a channel within a wedge
Updated
This is in interesting structure as we can see that it is in a large wedge that started since july and within that wedge there is a channel created since mid September.
On the daily there is bulish divergence on the RSI,MACD, William r% and OBV RSI
https://www.tradingview.comIf we zoom in on the hourly we see that this falling wedge is about to mature and it is starting to bullishly diverge on the MACD and RSI. Moreover the apex is sitting on the support of the larger wedge.
This could potentially create enough pressure to break out of the larger wedge and channel, but I would consider that a low probabilit play as the height of the wedge is too small.
This is a +3% play that will likely take 1-2 days to mature.
If this wedge continues to mature to the earnings date this stock may blow up
On the daily there is bulish divergence on the RSI,MACD, William r% and OBV RSI
https://www.tradingview.comIf we zoom in on the hourly we see that this falling wedge is about to mature and it is starting to bullishly diverge on the MACD and RSI. Moreover the apex is sitting on the support of the larger wedge.
This could potentially create enough pressure to break out of the larger wedge and channel, but I would consider that a low probabilit play as the height of the wedge is too small.
This is a +3% play that will likely take 1-2 days to mature.
If this wedge continues to mature to the earnings date this stock may blow up
Note
Trade invalidated,opened below the wedge
Note
There is another wedge forming. However there is more risk as there is strong resistance right above it, but there are better plays out there to take so I would watch this by the sidelines
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.