Another prefect setup for this stock.
Sellers have not relinquished their hold on the price of this stock.
Currently looking at $166 level for a possible bounce and some short relief.
There is also a warning here: The possible retest depending on speed and strength could turn into a squeeze for shorts.
I will be looking at tomorrows opening with an eye on price either above or below $166 and considerable volume.
Above we could retest to $177-
$178
Anything above that would lead you to $183 and will probably devastate shorts in a short timeframe.
Remember this is still a Bear trend, meaning all rallies are still being faded.
On the other hand tomorrows opening if below $166 could mean further downside without a retest and we could see price drop to $150-$148.
Good luck
Sellers have not relinquished their hold on the price of this stock.
Currently looking at $166 level for a possible bounce and some short relief.
There is also a warning here: The possible retest depending on speed and strength could turn into a squeeze for shorts.
I will be looking at tomorrows opening with an eye on price either above or below $166 and considerable volume.
Above we could retest to $177-
$178
Anything above that would lead you to $183 and will probably devastate shorts in a short timeframe.
Remember this is still a Bear trend, meaning all rallies are still being faded.
On the other hand tomorrows opening if below $166 could mean further downside without a retest and we could see price drop to $150-$148.
Good luck
And yet price did not move much .
yet Buyers were able to come out with a small victory by pushing price above $169 with a potential open above $170 that might signal a $175 and $177 retest.
If buyers are unable to build above this support and open below $167, then we can expect a price decline to $165 and a target addressing the imbalance all the way to $148.
Please remember there is data coming out tomorrow and the FED speaks at 2:00PM