Canoo has been in descending wedge for the better part of the year.
It has recently broken out of the pattern. Currently forming a pennant which could potentially resolve to the upside.
Remember pennant can resolve to either up or down side. Reason for putting weight on resolving to the upside is because of the improvement in sentiment and positive news flow.
Good case - 15
Best case - 20
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
It has recently broken out of the pattern. Currently forming a pennant which could potentially resolve to the upside.
Remember pennant can resolve to either up or down side. Reason for putting weight on resolving to the upside is because of the improvement in sentiment and positive news flow.
Good case - 15
Best case - 20
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.