We are currently at oversold levels that offered good historic returns even if we only rise 15% to TASE:TASECTORBALANCE (Dec 2018 low) before moving lower.
Given the evolving Banking Crisis we could we revisit the bottom of the long term channel by EOY. This would be a great opportunity.
Throwback to TASE:TASECTORBALANCE dollars current idea... stay frosty on this one traders. Current wick low is your stop.
Safe Trading
PUKA
Trade closed: target reached
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UPDATE: KRE - Regional Banking ETF
Exited position on June 7th on the open. 22% attained. A much shorter trade to what I'm used too. I actually sold just before target was reached but if your in I would exit now. I do not know what could happen next. We could revert to lower end of channel. It was a short bounce trade.
From what I see there could be a massive short squeeze because the government is going to be forced to back stop the insurance so the banks don’t close they keep tightening and it’s braking things if they don’t back stop more banks will close so when they back stop it’s going to be huge and no one realize it
AwesomeAvani
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@dominicharlan65545, Yup the ed will be the "rising knife" to cut through the resistance. The fed will not let its tax paying populace loose faith in the banks. With the USD under challenge, the fed is motivated to prop up the banks and maintain dollar liquidity and help dollar dominance in global economy. It all has to start at hime and the banks deserve to be supported when the fed it the rates hard. the damage is real and will be harder to undo. Besides people need the banks in order to cash their stimulus checks handed out like candy to remedy a recession. I am happy with my position in KRE due to the big and long picture.
PukaCharts
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@AwesomeAvani, That wick could be the end of it now, i wont argue with that. I myself dont and wont have a position unless we reach the bottom of the channel. I missed the wick that came close...so... its wait it out or miss out or ...get another chance...we shall see.
AwesomeAvani
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@PukaCharts, I guess wicks are great and all that as they showcase volatility and the chart is a monthly I think. But for me sometimes fundamentals and macro trump technicals. I see the fed coming to the rescue. Maybe there were wicks downside when the fed came in an cleaned up F / GM in 2008 and the airlines in 2020. From this vantage point, the banks will be getting in line and in a round around way it will be same old same old same again. I just try to position myself ahead things. ( I just put up new ideas on PANW and KRE) :)
dominicharlan65545
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@AwesomeAvani very true and now that they’re pushing to back stop its going to be off to the races tomorrow also you should look at vno it’s similar to what was happening with the mall crisis a few years back but it’s with office spaces it’s definitely worth taking a look at
AwesomeAvani
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@dominicharlan65545, waiting and watching. The fed rescued F and GM in 2008 and they are still working hard. Agree, the fed will backstop all these guys and prop up share prices in the process. Some on here might think we are " holding bags" - for me, I just like to buy low and figure " the rich uncle" is implied extrinsic value ......
PukaCharts
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thanks for your comment Dom 🤙
PukaCharts
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The initial part of the current trade would seem to align with your thinking, with a surge up first. however, I would love the risk reward entry at the bottom of the channel, if your right and a back stop came in after hitting the bottom of the channel that would be great also. but for now, short term target to the upside.