Middle of no where inside major trend setup here...
Minor trend is showing a bullish broadening wedge which we closed at the top of Friday. We also closed right at our 50sma .. Any breakout over 110 and i like the long to 116. If we reject 110 my first pullback target is 107. If we break below 107, we'll head back to 100
I leaning short here for 2 reasons.
1. I expect the market to pullback this week.
2. SMH (Chip sector) slammed into prior support that is now resistance
But if this is indeed a broadening wedge pattern, this dip or pullback will be the last then the breakout comes next.. things only get really bearish below 95
Minor trend is showing a bullish broadening wedge which we closed at the top of Friday. We also closed right at our 50sma .. Any breakout over 110 and i like the long to 116. If we reject 110 my first pullback target is 107. If we break below 107, we'll head back to 100
I leaning short here for 2 reasons.
1. I expect the market to pullback this week.
2. SMH (Chip sector) slammed into prior support that is now resistance
But if this is indeed a broadening wedge pattern, this dip or pullback will be the last then the breakout comes next.. things only get really bearish below 95