I am pressed for time today. Reasoning will be brief.
AMG formed a bearish rising wedge.
Criteria of Rising Wedge:
Pattern forms in uptrend.
Price, Volume Contraction. Lower trendline sloping nicely upward. Upper trendline not so slanting.
Price touches the 2 trendlines atleast 5 times.
Volume expansion on breakout.
Target: 100% extension of the pattern.
There was no volume contraction in AMG. Did not want to stay in the trade because of the spread and AMG being a low volume stock. Covered completely before target.
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