My fans asked and I obliged, but LABU ain't lookin' great
One of my followers asked (and this has never happened before) for me to comment on LABU. I was touched by the request and so I have responded, and this after having a website which I shut down with 10,000 hits a month never once did anyone ask me to comment on a stock. My strength has always been analysis and dissection so I am happy to oblige.
LABU isn't looking very strong. Its currently trending downwards, it's below the SMA line which I used for my day trades and it has a lot of overhead resistance. For a while it looked like it was in a condensing pattern and has broken down and then decided to move sideways. These are not adjectives and verbs you use to describe a stock that's in a good place. The odd thing, going to about two years is that the stock is inside an even larger condensing pattern that must be watched closely. Its currrently holding just above support and if this breaks a big slide could be witnessed!
LABU isn't looking very strong. Its currently trending downwards, it's below the SMA line which I used for my day trades and it has a lot of overhead resistance. For a while it looked like it was in a condensing pattern and has broken down and then decided to move sideways. These are not adjectives and verbs you use to describe a stock that's in a good place. The odd thing, going to about two years is that the stock is inside an even larger condensing pattern that must be watched closely. Its currrently holding just above support and if this breaks a big slide could be witnessed!