TDOC is about to make a Breakout but which way will it go?

10 thg 1, 2023

What we are looking at here is TDOC on the Daily TF.

Draw your attention to down sloping trendline (Yellow). You will notice that the yellow trend line is acting as resistance and the price action has hit this line a couple of different times.

The price action from today (1/9/2023) helped solidify the downward sloping trendline and showed us that the resistance is strong along that line.

Now look at the downward sloping trendline (Green). It used the price action on Friday (1/6/2023) to help solidify that downward sloping trendline, which is acting as support.

The yellow resistance line and the green support line are creating a wedge pattern for TDOC to make a move.

If the Yellow resistance line gets tagged a couple more times, you can expect further upside and a breakout.

However, if you tag the support (Green line) too many times more, you will see price breakdown and the price of TDOC could go lower.

This is a situation where you just sit and wait for the price action and the charts to tell you what to do next.

TDOC will continue to be monitored as this stock has a lot of potential for a breakout.

What do you think will happen next with TDOC? Do you think Breakout or Breakdown?

Let me know in the comments.

Cheers.