Elliott Wave analysis suggests we are in a correction on Facebook, which should take us quite a bit lower before the rally continues.
A bear pennant pattern seems to be developing, with an Elliott wave interpretation there is a low risk/reward trade setup.
Let me know what you think..
With markets down around 1% this biotech company showing us relative strength.
It is trading on highs above all key moving averages in very tight consolidation above previous swing high @ $85.50.
Entry here and expect break up of $88.50. If market will show us some strength, this stock could be a good candidate for long.
From SALT Conference in Las Vegas on Wednesday evening.
Tepper has one of the best long-term performance track records in the hedge fund world.
"I think we're OK. But, listen, there's times to make money and there's times not to lose money. This is probably you're supposed to think about preserving some of your money...I think you can still be long, but I think...
I mentioned some points where I make my adjustments. I mean how I manage my position with tiers. When it is trending or regaining power I add to my core position but when momentum is slowing down (price drops below short term moving averages) I lighten up.
Check out my recent idea "cup and handle" to figure out my thoughts.
Will take some profit off the table after the price will break down swing low at $0.93030 from where it established intraday high at $0.93115. And will keep my core with stops below support zone from $0.92839-0.92901
In terms of analysis, I think the charts speak for themselves.
The pair was in a general downtrend (see weekly chart) and we recently saw a pullback into previous price structure.
The pullback did not manage to gain momentum and it actually stopped at the 38.2 fib retracement (highlighted in daily chart).
On the 4H chart, we can clearly see a pennant in...
ESV is trading near a 1 yr low. It is a good value at this point. However some risks include increase in supply of oil from Libya, economic slowdown, release of strategic oil reserves by the United States and its Allies to put pressure on Russia because of their Ukrainian actions. Likewise sanctions on Russia can back fire economically with Europe. Increased geo...
