EL daily - likely drop after wedge breakdown
EL is weak/bearish fundamental stock therefore would be traded only on the short side.
EL daily - is in rising wedge formation which is one the most bearish pattern. At the moment the price is basing above all major MA which is bullish with decreasing volume. On the other side, the price is at the resistance block which is more bearish than bullish.
RSI is oversold and it is due to cool down what could be bearish for the stock price.
MACD histogram is ticking lower which is more bearish than bullish.
Overall: daily close below the blue dotted line would trigger a short position. Also, a strong move throughout the day with a big volume would trigger a short position too with a stop loss above the last 6 days' high.
EL daily - is in rising wedge formation which is one the most bearish pattern. At the moment the price is basing above all major MA which is bullish with decreasing volume. On the other side, the price is at the resistance block which is more bearish than bullish.
RSI is oversold and it is due to cool down what could be bearish for the stock price.
MACD histogram is ticking lower which is more bearish than bullish.
Overall: daily close below the blue dotted line would trigger a short position. Also, a strong move throughout the day with a big volume would trigger a short position too with a stop loss above the last 6 days' high.
Consistency is the key of success....