On the 15m chart, I don't like that it put in a similar high ($138) and not a higher high. The top is also rounded which is harder to overcome than a clean pivot.
I do like the volume, and the stop below the double bottom is a smart move. I like the neckline at $143. This could also be a head and shoulders.
I'd look at it again over $143. $143 -> $220 is a lot of room.
ChartMeNot
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@gooney0, what do you think about NET now? would you still look for confirmation?
gooney0
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@ChartMeNot, The weekly chart is triggering a buy setup if over $145.26 with a stop of ~$123.90.
Ending volume on the weekly chart + green candle spells bounce.
The weekly chart retraced over 70%. I would expect it to bounce half way, but not all the way back up.
I don't like it enough to take the trade.
gooney0
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For 12/27, I like AMD and FAST
ChartMeNot
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@gooney0, OK first of all good work on AMD and FAST, if you were doing a day trade there.
With that said, what did you mean about "ending volume on the weekly chart", it was low, is that what you see?
gooney0
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@ChartMeNot, on the weekly chart there are 4 red weeks in a row. The final week of 12/13 has higher volume. This often indicates the end of a move.
That doesn’t mean it’ll bounce, just that it’s likely to stop.
The principal is that all the sellers have sold. After 4 red weeks it’s also likely they’ve overreacted.
I do like the volume, and the stop below the double bottom is a smart move. I like the neckline at $143. This could also be a head and shoulders.
I'd look at it again over $143. $143 -> $220 is a lot of room.