$SOFI - SEVERAL TRACES OF ACCUMULATION & PROBABLE REVERSAL
And there is also a plethora of technical analysis and price action textbook gifts in this market.
They are always there, in any market, they just tend to be less ostensible, harder to spot.
With SOFI, the patterns scream.
I’ll let the chart and its notes speak for themselves.
In short though, although this market is displaying prominent signs of accumulation, there is no breakout and close yet above the upcoming resistance area.
This is noteworthy because this breakout and close would entail the official start of an uptrend by several technical analysis metrics.
And if the market is not trending yet, what is our business in it, unless we’re also accumulating positions like a hedge fund?
Remember that the current market stage could resume for much longer, as perhaps even never convert into an uptrend … the future is hocus pocus.
These technicals just help you frame trading ideas and spot asymmetries, they are not crystal balls,
Lastly … manage risk, manage risk, manage risk, manage risk … this is the number one priority at all times, by all means.
Cheers,
Tenacious Tribe
They are always there, in any market, they just tend to be less ostensible, harder to spot.
With SOFI, the patterns scream.
I’ll let the chart and its notes speak for themselves.
In short though, although this market is displaying prominent signs of accumulation, there is no breakout and close yet above the upcoming resistance area.
This is noteworthy because this breakout and close would entail the official start of an uptrend by several technical analysis metrics.
And if the market is not trending yet, what is our business in it, unless we’re also accumulating positions like a hedge fund?
Remember that the current market stage could resume for much longer, as perhaps even never convert into an uptrend … the future is hocus pocus.
These technicals just help you frame trading ideas and spot asymmetries, they are not crystal balls,
Lastly … manage risk, manage risk, manage risk, manage risk … this is the number one priority at all times, by all means.
Cheers,
Tenacious Tribe