In TA, we call the area between that black line and blueline as "no-man's land", meaning it would a major breakout into a territoty the stock has never been to. The ending area is close to 90 for that no-man's land.
As I mentioned above, I am hoping it is rejected right here today, and then fall back 2-3 Fibs channels around 52-55
How do we trade this?
1: Wait to see if PLTR can breakout, if so, chase this breakout at any price between 68-70 for a profit at around 85
2: If breakout does not happen, wait for it to pull back at minimal 2 Fibs channel before getting back in
