TECHNOLOGY SECTOR IS GETTING HIT AND APPLE HAS FURTHER DOWNSIDE!
It was about time to see some correction to one of the most profitable sector since 2016 and technology sector is already started a correction.
When it is going to stop we will see,but for sure not yet.
Google just got a record fine of 2,7$ billions from EU,Apple dissapoints with recent sales on I-phone and innovation and technology sector down it goes after recent selloff.
TECHNICAL POINTS
1.As we can see at the chart the rising triangle broke downwards once again,if we project the AB side the day when the triangle broke we can see that price action followed exactly the technical analysis rules and hit the targets at previous support.Rsi divergence could help us predict also that the rising triangle would broke downwards.
2.We can also notice the second rising triangle DEF that is created and the possibles targets long and short based on the projection of the ED side.
3.We can also see that short target is coincides with the 61.8% Fibonacci retracement of the ascending leg after the gap breakout.
4.Price action tends to fill the gaps 70% and more some times depending on the asset so it's a quite possible short price target area.
POSSIBLE TRADES
LONG TRADE(GREEN COLOUR):
TARGET T1 AT 155.50$ PROJECTION OF ED SIDE AND PREVIOUS HIGHS
STOP LOSS AT 142$ 50% FIB RETRACEMENT
SHORT TRADE(RED COLOUR):
TARGET T2 AT 138$ ED SIDE PROJECTION
BUY STOP AT 148,50$ ABOVE TRIAGLE'S HIGHS
THNAKS FOR SUPPORT
HAPPY PROFITS!
When it is going to stop we will see,but for sure not yet.
Google just got a record fine of 2,7$ billions from EU,Apple dissapoints with recent sales on I-phone and innovation and technology sector down it goes after recent selloff.
TECHNICAL POINTS
1.As we can see at the chart the rising triangle broke downwards once again,if we project the AB side the day when the triangle broke we can see that price action followed exactly the technical analysis rules and hit the targets at previous support.Rsi divergence could help us predict also that the rising triangle would broke downwards.
2.We can also notice the second rising triangle DEF that is created and the possibles targets long and short based on the projection of the ED side.
3.We can also see that short target is coincides with the 61.8% Fibonacci retracement of the ascending leg after the gap breakout.
4.Price action tends to fill the gaps 70% and more some times depending on the asset so it's a quite possible short price target area.
POSSIBLE TRADES
LONG TRADE(GREEN COLOUR):
TARGET T1 AT 155.50$ PROJECTION OF ED SIDE AND PREVIOUS HIGHS
STOP LOSS AT 142$ 50% FIB RETRACEMENT
SHORT TRADE(RED COLOUR):
TARGET T2 AT 138$ ED SIDE PROJECTION
BUY STOP AT 148,50$ ABOVE TRIAGLE'S HIGHS
THNAKS FOR SUPPORT
HAPPY PROFITS!
Trade active
Trade active:
Triangle about to broke downwards but the break hasn't still validated.
Current price action is enhacing our short bias..
Current price action is enhacing our short bias..
Comment:
Price back up into triangle as we said break out wasn't validated,now we wait for a good set-up...
Comment:
Triangle broke downwards once more.Let's see if it will be validated.
Comment:
The downward move outside the triangle has been validated.
Comment:
Nice price action and nice profits..
Trade closed: target reached