Last week I posted a weekly chart (linked below) to note that this is a stock to watch because of the doji candle. Though price opened higher, I am skeptical of more upside for a few reasons:
1- large "V" complete, see blue resistance line, though stock could go up to 188-190
2- stochastic (20day) and RSI (7-day) diverge from higher low price action (see 3 red lines) - on my chart I use 7 and 14 day RSI because I find in strong trends the 7day is more useful
3- I see two bearish signs in green "V" - there is a bearish engulfing candle on May 12 and on May 15 selling occurred in the same area (wick on green candle)
I bought puts for a swing trade and will be looking at lower timeframes. I want to see if today closes above or below weekly "V" close of 185.35
1- large "V" complete, see blue resistance line, though stock could go up to 188-190
2- stochastic (20day) and RSI (7-day) diverge from higher low price action (see 3 red lines) - on my chart I use 7 and 14 day RSI because I find in strong trends the 7day is more useful
3- I see two bearish signs in green "V" - there is a bearish engulfing candle on May 12 and on May 15 selling occurred in the same area (wick on green candle)
I bought puts for a swing trade and will be looking at lower timeframes. I want to see if today closes above or below weekly "V" close of 185.35
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Related publications
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.