shorting or put buying opportunity in CMG ,read notes on chart
Comments
Algokid
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Excellent work Mike :)
nmike
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...thanks Algo,and keep up your good work
timwest
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Re: CMG. I think selling short against the HIGHEST MONTHLY LOW (April's) should provide a low-risk entry level. Notice that is also where there are 4-months of trading action (March, April, May, June) which should represent excellent supply and resistance to price advances. The target could be down around $360, just above the red-dashed line you have labeled. That price represents the low of the last 6 months and a natural level for bottom fishers to come in or short sellers to cover positions.
nmike
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agreed Tim, thanks
timwest
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I meant to short this yesterday and certainly would be covering had I done so. Nice teamwork :-) Cheers. Tim
danypasvolsky
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Agreed.
charttrader
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Agreed.
Algokid
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Agreed.
Algokid
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yeah, definitely buying puts IF closing below 10 month SMA and Stoch in Red area