JNK in weekly downtrend, bouncing up from what looks like oversold territory (outside of range). Price may come up to $33 before resuming the downward trend.
A directional rebound would likely see retest of the $32 level. We haven't seen that. Thus, this isn't a reversal but a temorary bounce off the lower trend channel.
A directional rebound would likely see retest of the $32 level. We haven't seen that. Thus, this isn't a reversal but a temorary bounce off the lower trend channel.
Trade closed: target reached:
Covered winning trade just below $32 (greedier than planned, but not as much as I could have gotten away with).
Quantity demanded below $32 drove a bounce with big momentum chasing. Price is back to $33 (2016-02-26). Time to short JNK and HYG again.
Quantity demanded below $32 drove a bounce with big momentum chasing. Price is back to $33 (2016-02-26). Time to short JNK and HYG again.
