FLDM has shown a break out in the wedge pattern.
The upper trendline which used to be resistance can now become the lower trendline functioning as support.
We also see a pull back to the support trendline (previous upper trendline) in the form of a bull flag pattern.
I identified nearby resistance level at 8,30 (which you can find on the monthly chart). Price bounced back from that level in 2015 and 2016.
I will enter this trade at 7,60.
My profit target is 8,30.
My stop loss is 7,39.
Happy trading!
The upper trendline which used to be resistance can now become the lower trendline functioning as support.
We also see a pull back to the support trendline (previous upper trendline) in the form of a bull flag pattern.
I identified nearby resistance level at 8,30 (which you can find on the monthly chart). Price bounced back from that level in 2015 and 2016.
I will enter this trade at 7,60.
My profit target is 8,30.
My stop loss is 7,39.
Happy trading!