So I'm pretty new to trading and have only had success trading by looking at real world events (company news etc.) never really relied on patterns
My question is... Is WKHS going to drop over the weekend by breaking out of an ascending wedge (is there even one? idk) or will it consolidate or maybe even rise (if it wins its bid with the USPS)
Also, rising wedges haven't been that reliable as of late, with all the market craziness. Sometimes they break out to the upside. Look at SPY from May 14th to July 30th.
Also, a steep rising wedge tends to break out sideways rather than downward.
Sayed_H
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@Skipper86, Ah okay I see, read your other comment too. Yeah, I guess you're right about a steep rising wedge breaking out sideways, I had a feeling about that, that's why I added that big rectangle with the grey arrows. Didn't even expect to get a single reply though, so I'm really appreciating all this feedback and these tips. Thanks
Skipper86
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It's called a rising wedge and there are also falling wedges. There are ascending triangles and descending triangles. It's hard to analyze a stock that is up nearly 100% in a month. I'd recommend averaging in with small positions every day if you're just seeing it for the first time or putting only money you're fine with losing, no more than 10% of your portfolio.
sinjixia
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It seems to me, WHKS has not yet been oversold. The RSI is 77.75. The Heikin Ashi and the regular candles show a steady upward trend on the 3hr, 4hr and the daily. In this scenario I see WKHS going up anywhere between 32 to 36. News are also important. If WKHS signs a contract with a company that needs thousands of delivery trucks, the sky is the limit.
Sayed_H
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@sinjixia, Thanks a lot for the info, not really familiar with RSI or Heikin Ashi candles but definitely gonna learn them soon. I'm waiting on that usps bid update, hopefully something comes through
NIKYLIN
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That would be awesome, however per truck.con USPS has delayed awarding contract until next year and will split the win between 4 competitors. I’m confused.
mbelasy
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@sinjixia, So you think adding at 29.50 was not that bad since it is going to 32 or 36? I am considering adding at 27 too! thoughts
CadenFox
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stocks don't trade over weekend.
Bill_D_Cat
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@apcadmus, Not even close to what he meant. Read it again.
Sayed_H
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I can't chat either cause I don't have rep lol so this is my only way to communicate to the general trading group
Also, a steep rising wedge tends to break out sideways rather than downward.