Like most other FANGs this one's been stuck in the mud during the latter part of the rally. Breakout of downtrend handle and bouncing off the trendline from Dec as well as 20 day EMA. Also some slight bullish divergence on RSI. PT is $180 though a break above can also validate inv H&S pattern. However, completion of H&S would suggest a monster rally back to ATHs and gap fill from its debacle last year... doubt that happens unless it's another earnings pop.
Like AMZN a breakout from QQQ out of its current consolidation wedge would greatly improve chances of this trade.
Use either a trailing stop or adjust SL often, this one always carries headline risk...
Like AMZN a breakout from QQQ out of its current consolidation wedge would greatly improve chances of this trade.
Use either a trailing stop or adjust SL often, this one always carries headline risk...
Comment:
Took profit on trade this morning. Will buy back on successful retest of green TL.
Comment:
Looks like wedge breakout only got us halfway there... still inside the handle on a downward channel. We probably consolidate here early next week in a symmetrical triangle until the market finds a direction. If S&P cracks 2815 we're goin' to 180, if not it's back to 150 for gap fill.
