HOOD
Daily chart analysis
Nothing under the HOOD
HOOD has been getting smashed for some time and I can’t imagine any bulls going long here.
It is current in an obvious downtrend with the 50ema acting as the Dynamic Resistance.
After hitting low of 6.85, price bounced to the 9.30s where it found resistance from the 50 ema
At the 50ema Dynamic Resistance, price was shot back down but found support at 8.06.
Price bounced from support but ran into 50 ema resistance and failed to make a higher high.
Price has now formed a “M” Top pattern at 50ema dynamic resistance.
High probability short trade = Bearish pattern + existing downtrend
Entering trade short
Entry: 8.34
Stoploss: 9.42 (12.95%)
Target: 6.85, +17.87%, 1.38RR ratio
Daily chart analysis
Nothing under the HOOD
HOOD has been getting smashed for some time and I can’t imagine any bulls going long here.
It is current in an obvious downtrend with the 50ema acting as the Dynamic Resistance.
After hitting low of 6.85, price bounced to the 9.30s where it found resistance from the 50 ema
At the 50ema Dynamic Resistance, price was shot back down but found support at 8.06.
Price bounced from support but ran into 50 ema resistance and failed to make a higher high.
Price has now formed a “M” Top pattern at 50ema dynamic resistance.
High probability short trade = Bearish pattern + existing downtrend
Entering trade short
Entry: 8.34
Stoploss: 9.42 (12.95%)
Target: 6.85, +17.87%, 1.38RR ratio
Comment:
trade is still active
Comment:
Went from an "M" top to a Triple top.
Patterns are just patterns. We look for the breakdown of levels and the direction of the trend.
Patterns are just patterns. We look for the breakdown of levels and the direction of the trend.
Trade closed: stop reached:
Stoploss: 9.42 (12.95%)