Isn’t this bearish?
I am the rookie here so I am asking, is this not hugely bearish? Ascending wedge approaching 200 ma, RSI and Stochs approaching top of range?
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Not a rookie reaction. Not at all.
two months of higher highs and higher lows—that’s very bullish action…. and of course the cup and handle formation that has the cup just needs the handle is also bullish
but don’t forget I am a bull so I see thinks through the rose colored glasses that bulls where….lol….maybe some bears will weigh in and give you their interpretation of your chart
… but it’s a wedge too, so which supersedes?
I notice that Gold:WTIC oil has fallen to its breakout level near 33 today.
In a bear market, one would expect that a wedge or a rising diagonal into the 200ma would breakdown. So the potential could be bearish. However, it might be a leading diagonal leading out of the bear market.
In the end it is not bearish or bullish until it breaks one way or the other. I would expect most folks expect a bearish outcome. I am long at the moment, but will get out if that breaks down!