II-VI Fails Support Line of Trend: Outlier or meaningful?

NASDAQ:IIVI   II-VI Incorporated
IIVI was cited as a LONG with a strong upward trend in its trading channel, but it has since failed the support line of that channel.

For this trader at least, that represented a partial-exit from the position.

That is not advice, but the decision was made to shorten my position on II-VI even as it has only descended a still-significant 1.59% on the trading day (MON).

If II-VI returns to the channel within a trading day or two, this could just be an outlier and not statistically significant: The relation would be to the overall downward trend of the S&P 500 itself, which suffered a miserable Monday and is showing some signs of further weakening, even.

This is not just to sound some doom alarm, but the overall buyer confidence throughout most market sectors is low, even with IIVI playing a massive role in Apple's 5g networks. The strength of this stock longer-term could still be immense, but it just failed the support line.

Happy trading.


Post Note: 3 links to previous Ideas Re: II-VI present here.


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