I love falling wedges. In fact — I love most stock patterns.
Why?
Because they are like mini-systems — each with their own entries and exits and rules. That’s why. I covered a nice one in GoPro $GPRO a little while back. You can read about that here.
And here’s another one — in Overstock.com $OSTK.
$OSTK has taken a hit lately due to the Bitcoin debacle — but that doesn’t change this patter.
A break of the top downtrend line could take us as high as $90 with a first target in the $60 – $70 range.
Also, looking at the longer term weekly chart, $OSTK is sitting right on prior highs — a great level of support and a possible area to bounce.
While trade warrants a little more caution due to the legal issues, a pattern is still a pattern.
Goof luck out there!
