This things been underperforming the market waiting to break down for awhile now. It popped off earnings, failed to make new highs. Looked like it was ready to break down in mid June, but Adobe came in with hot earnings and popped the cloud stocks.
148 has been a respected pivot. The lower side of the wedge and 200 day are all sitting in the same vicinity, and no good bounce...Wait for a break of the trendline on some volume and get in. Should be good down to 142. Depending on the market, 136 could come shortly after.
Always gotta look at both sides though. We could break the upper trendline and bull on, but the 50 and 100 day ma are right there. Best to wait for those to hold along with a break of the wedge. Pretty clean shot to 162 from there.
*Not Trading Advice, Please do your own analysis!*
148 has been a respected pivot. The lower side of the wedge and 200 day are all sitting in the same vicinity, and no good bounce...Wait for a break of the trendline on some volume and get in. Should be good down to 142. Depending on the market, 136 could come shortly after.
Always gotta look at both sides though. We could break the upper trendline and bull on, but the 50 and 100 day ma are right there. Best to wait for those to hold along with a break of the wedge. Pretty clean shot to 162 from there.
*Not Trading Advice, Please do your own analysis!*
Comment:
Broke out of the wedge to the upside. Looks bullish if it can retest the trendline and stay above it. A lot of the up move came after hours though, so anything is possible still here.
Gapped up but rejected all the overhead support...50 day...100 day... and sold off immediately at the open. No wedge break to the upside either. Bearish until those break....