I am not licensed or certified by any individual or institution to give financial advice. I am not a professional Stock trader.
Pandora (P) is on a roll--literally. The horizontal Support and Resistance lines can be drawn in a couple different places depending on your risk tolerance or trading plan.
The larger channel is a roll between $4.50 and $5.40. (green horizontal lines, or top most and bottom most if you can't see the color green very well)
Upside: More money due to larger spread/channel.
Downside: Not as consistent. It doesn't always hit the upper Resistance Line.
Smaller Channel $4.65-$5.20 (orange two lines, or middle pair of lines)
Upside: It is more consistent--predictable, reliable, and repeatable as I was taught to look for.
Downside: You won't make as much money since it's a smaller spread/channel. However, to quote the man who first taught me how to trade Stocks, "You don't go broke making money." Yes, it's a smaller spread; but it's still a win and profit.
I painted a dotted arrow showing what I think it could do over the next few days or weeks. If it stays true to its pattern for the past few weeks and months, it should reach support in less than a week. Of course, that is what it has done in the past and we'll have to wait and see what it will do in the future.
If you have a Stock or Index you would like me to look at let me know. I can always use more practice. :) If there is a way I can make these clearer to you (candlestick vs. line chart, background color, line color, more thorough explanation, etc.) let me know and I will see if I am able to accommodate you. I am planning on entering this play if it reaches Support and bounces. Let me know if you do and how it turns out for you.
Pandora (P) is on a roll--literally. The horizontal Support and Resistance lines can be drawn in a couple different places depending on your risk tolerance or trading plan.
The larger channel is a roll between $4.50 and $5.40. (green horizontal lines, or top most and bottom most if you can't see the color green very well)
Upside: More money due to larger spread/channel.
Downside: Not as consistent. It doesn't always hit the upper Resistance Line.
Smaller Channel $4.65-$5.20 (orange two lines, or middle pair of lines)
Upside: It is more consistent--predictable, reliable, and repeatable as I was taught to look for.
Downside: You won't make as much money since it's a smaller spread/channel. However, to quote the man who first taught me how to trade Stocks, "You don't go broke making money." Yes, it's a smaller spread; but it's still a win and profit.
I painted a dotted arrow showing what I think it could do over the next few days or weeks. If it stays true to its pattern for the past few weeks and months, it should reach support in less than a week. Of course, that is what it has done in the past and we'll have to wait and see what it will do in the future.
If you have a Stock or Index you would like me to look at let me know. I can always use more practice. :) If there is a way I can make these clearer to you (candlestick vs. line chart, background color, line color, more thorough explanation, etc.) let me know and I will see if I am able to accommodate you. I am planning on entering this play if it reaches Support and bounces. Let me know if you do and how it turns out for you.