Bull Wedge In Stocks?

8 thg 8, 2022

Stocks are tending toward the upper bound of the value area, forming what appears to be a bull wedge. We have been flirting with higher levels in the 4000's established from a value area formed back in June. We seem to have a hard upper bound at 4178, but the Kovach OBV is still strong, suggesting that we have a bull divergence. If we break out, then 4188 will provide resistance. If we can break through that, then 4214 is the next target. We should have support from 4122, then there is a vacuum zone to 4068. If that does not hold, we should have strong support at 4009.