Down she goes Strong stock and has pierced bottom trend line of the largest bearish rising wedge but there are multiple Crossing my fingers that NEE recovers quickly. Huge sell of today, perhaps buyers will come in soon
is there a target for both scenarios? upside might be a lot (maybe 350), but what are the downward targets if the trend has broken?
lauralea
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@avijayvargia, 263 241. The short term trend is broken perhaps for now because it was in a rising wedge which is bearish. Probably a major pull back. No way to know for sure/Other than that look at green lines on chart (o: I am neutral on NEE for now. I do not short strong stocks such as NEE but has been too many buyers causing a rising wedge..no one left to buy it on the pull back unless it reaches a level that brings buyers in.
Supply and Demand sorta thing
lauralea
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@avijayvargia, A strong stock falls an "average" of 36% from a rising wedge..but some fall the entire wedge pattern. or more ie..look at my chart on HRC
lauralea
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@lauralea, and as a rule there is no upside to a rising wedge pattern at the top..if there is, and it does happen where a stock breaks up from a RW, it is short lived and is ugly when it falls