Your analysis as usual is spot on. I must admit that the entire premise of the trading idea was based solely on the falling wedge pattern. That while I realized early on that multiple price points (admittedly, an understatement), whether based on moving averages or previous price congestions and high points, may possibly restrict price from rising, I was hoping that the following would be enough to invalidate these concerns.
(1) Anticipated crossover between the 9-day and 26-day moving averages with stock prices piercing through the 9-day MA and lifting it for the crossover on the breakout.
(2) Gradual build up in volume (albeit incremental, and less than previous volume averages), which come to think of it is not confirmatory of a falling wedge..
(3) Weekly RSI continue to hold above 40, but which again does not prove my point and may not be the case for long.
(4) Actually, there's no 4. FGEN on hindsight is a tough chart to defend given the evidences you provided. I simply did not dig deep enough after finding and getting excited by that pattern.
I'm curious though whether the points you raised would generally be the same ones to be made of all falling wedges given that moving averages would be behaving in roughly the same manner given the trend in prices? Curious. I have yet to see a successful falling wedge pattern in Philippine stocks.
Again, thanks for sharing your thoughts and I look forward to reading more of your chart analysis in the future.