Right now is either a good opportunity to go long or almost a good time to go short, depending on how you feel about the financial sector.
Quick overview. On the rise since May Recently broke 100 day EMA but bounced back over it. Recently gapped down below old support line. Still under old support line. Short-term on the rise. Formed a bearish engulfing pattern today touching resistance line.
I am overall bearish for 2 major reasons, the gap down is a major bearish signal and it lost the support line.
If it closes into the blue shaded area close long positions and go short.
I will keep updating as this progresses. Any other thoughts?
Comments
octradr
⋅
Nice steady channel up and still using old support as resistance. Near upper end right now. 1/9
octradr
⋅
AMAZING how the old support is still holding up as new resistance. 12/17
octradr
⋅
Old support line has been holding as a great resistance line. 12/11