Like many shares today the stock is overbought and a correction is long due. Yesterday we've seen a desperate attempt to reach the February high again. But neither this nor the January low could be reached again. The bulls have run out of velocity immediately. The upper range of the Donchian Channel is an additional resistance to be overcome for a continued rise. Yesterday we had opened with a window which is still open and has to be closed again. But I admit that the window may support the price for a little wile so that there may be 1 or 2 sideward days now.
All in all I support the idea of a correction to begin soon. The weekly Fibonacci levels and the VWAPs also support my idea,
By the way, if the day ends with a Hanging Man this will be a good signal for a beginning correction.
All in all I support the idea of a correction to begin soon. The weekly Fibonacci levels and the VWAPs also support my idea,
By the way, if the day ends with a Hanging Man this will be a good signal for a beginning correction.
Trade closed: stop reached:
Well, there is no stop reached. But I am closing the position anyway as there is no momentum developing. I am taking a little loss. Other positions have to bring the profit. now.