Today's sell off ( a much needed sell off to bring in fresh new buyers) bounced and settled just above the 20EMA. This 3rd new upward trend after the decline in April is still in it's beginning phase and so I don't suspect this will be transitioning into a downtrend this soon. I would recommend adding/starting positions close to the 20ema.
The tricky part is in between uptrend and downtrends and to notice significant price action under/over 20 EMA that doesn't come back up/down using this strategy.
Keep It Simple Stupid.
Comments
Audacity618
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Keep on watch....
ExcitingTechnology
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Great analysis, thanks for sharing. Any thoughts on a good entry price? Also, would it be silly for me to expect a re-entry at $220? Cheers, Karan.
Audacity618
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Hi Karan, It looks like it got as low as 224 today before pushing back up over the 20 ema. I think if you're looking for a dip buy, this looks reasonable.