You can check multiple charts on daily timeframe and see similar patterns.
* price returning to moving average
* RSI returning to 50
* this pullback creates handle to V-shaped cup
Swing calls will work as long as RSI stays over 50 (or dips below and moves back over) - I suggest using 2 stops to not completely miss a good trade, and be thoughtful of how much capital you put into one trade.
* price returning to moving average
* RSI returning to 50
* this pullback creates handle to V-shaped cup
Swing calls will work as long as RSI stays over 50 (or dips below and moves back over) - I suggest using 2 stops to not completely miss a good trade, and be thoughtful of how much capital you put into one trade.
Note
This observation is true of other stocks that show a "V" pattern:* RSI may not return to 50 before more upside, or there is a bit more downside first (avoid bias)
* while daily shows cup handle could lead to more upside, see weekly chart for perspective
* growth stocks like FB & MSFT may eventually sell off for value stocks like NKE & SBUX, which have a very different chart look
caution is definitely needed in your trading decisions right now
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.