tsuag10 said:
Am I doing this right?
Ascending channel, and then what is looking like a descending triangle? Is this just a little tightening ahead of earnings next week?
Help please.
I went back further to look at the longer trend and some points that may help. Just some additional data points and some of the things I quickly look at.
The thin blue vertical line is where you started your chart in time frame.
Thin blue horizontal line is larger level of resistance (top in this case)
The parallel lines show what you are depicting but going further back.
The white arrows show more explosive moves to maintain the uptrend.
The red arrow shows that didn't happen this time.
Added a rough volume line showing a visual decrease in volume post bigger moves over the past 12 months.
IMO earnings are tough plays and can go either way. Often 2020 wasn't kind to even good reports. This may go sideways through earnings and move up or downtrend. There are other things to consider and others may want to chime in but I usually stay away from earnings lately.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11