The price action shows a clearly forming wedge, with the upper resistance holding around the $16 area while the lower trendline is steadily rising. This compression (price “coiling”) indicates decreasing volatility, converging moving averages, and fading volume - all classic signs of accumulation before a strong directional move. The volume profile highlights demand clustered near current levels, suggesting buyers are absorbing supply and preparing for a breakout. A bullish resolution becomes increasingly likely as price approaches the apex of the wedge.
The trading idea is to look for a breakout and consolidation above $16 accompanied by an expansion in volume. The projected target is $21, calculated by projecting the wedge’s height from the breakout point. A protective stop can be placed below the lower boundary of the wedge or the most recent swing low (around $13.5 - $14) to manage risk. This setup offers a favorable risk-to-reward profile and aligns with a momentum-driven upside continuation once the compression resolves.
The trading idea is to look for a breakout and consolidation above $16 accompanied by an expansion in volume. The projected target is $21, calculated by projecting the wedge’s height from the breakout point. A protective stop can be placed below the lower boundary of the wedge or the most recent swing low (around $13.5 - $14) to manage risk. This setup offers a favorable risk-to-reward profile and aligns with a momentum-driven upside continuation once the compression resolves.
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