catching a falling sword only brings hurt...no reason whatsoever to bottom fish at this level...if 100 is taken out, next level is way down.
If you are a believer (aka LT investor) you might want to dip your toes a little. There is a good support at 100 and structurally, company is not worse than what it was pre-covid.
If you are a believer (aka LT investor) you might want to dip your toes a little. There is a good support at 100 and structurally, company is not worse than what it was pre-covid.
Trade active:
As expected, support is holding now. One possible path is inverse cup formation below 135-40 and capitulation to 80.
Regardless of how ugly the chart looks right now, I won't short this at this level....oversold rally is bound to happen and take this to 130 quickly, but that doesn't mean it is safe to be long either. Rug could get pulled from underneath any day. Wait for price to base and new, tradeble pattern to emerge.
Regardless of how ugly the chart looks right now, I won't short this at this level....oversold rally is bound to happen and take this to 130 quickly, but that doesn't mean it is safe to be long either. Rug could get pulled from underneath any day. Wait for price to base and new, tradeble pattern to emerge.
Trade active:
My 130 relief rally thesis is still in-tact...pullback there and basing above 100 would set this up for long term reversal.
Still stupid to short this here/
Still stupid to short this here/
Trade closed: target reached:
My target reached...base below 30 DMA and VWMA but above 115 would form a right inverse shoulder.