motleifaul
Short

Gap up, but short.

BATS:SBUX   STARBUCKS CORP
105 3 3
I sold some Starbucks             .
It gapped up, yes.
But here it stopped. It made a classical Fibonacci retracement until 61,8 % and looks like it will end the day at 50 % .
The previous 4 days where at a high trading volume and todays             high volume may be counted like a volume retracement as well, i.e. todays             price retracement less than half of the sales of the past days. There is no new buying.
This has done its part. I repurchase them and take the profit now. The lower pronk of the pitchfork has been reached.
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motleifaul motleifaul
Nevertheless, I still see downward potential here. But perhaps after a retracement only.
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motleifaul motleifaul
And the second, much smaller downmove is done as well now. A small profit is better than null.
I don't know how this will go further now. It looks like a continuing downtrend. On the other hand we had an engulfing candle yesterday and hold above the falling trendline for 3 days now.
I will watch whether an inverse S-H-S pattern is developing or not before I make a new investment.
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