After a long time, I feel encouraged to post here again. The truth is that I don't usually use technical analysis, but I can't say that I don't check the charts and trends before making an investment. I'm 90% fundamental investor and 10% technical. I don't invest in a company if the trend is bearish, and I don't sell if the trend is bullish (I learned this with an investment in Alibaba - and yes, there was also the mistake of political risk). Like many people, I started my investment career with technical analysis at 19 years old, seeking to make 3% profit per trade (fortunately, I quickly learned that it's imposible to do that with consistency). Today, with a little more time (I'm doing my full-time MBA), I've been encouraged to make short trades based on technical analysis, so I'm sharing my next entry in WIX.
Entry: I see an entry opportunity in NASDAQ:WIX at price levels of 85. Why? Simply, the channel is ascending and is close to touching the fifth floor.
Exit: I would exit at price levels of 105 at the top of the channel, with a potential upside of +20%.
*Remember, this post is not financial advise or a buy/sell recommendation. It's for educational purposes only. Everyone is responsible for their own investments.
Today I open my long on WIX at 86.40. Support and resistance lines are price zones and not exact levels, so I took advantage of price zone and take my position. Now, it's time to wait for the price levels at 105.