Price is within a down channel but is trying to move to the upside
IF an upside break occurs a buy is in order as price may like to recovery to where the prior drop occurred
This is another symmetry post
Potential bullishness
If indexes go lower then Homebuilder stocks are going to get smashed. Rising interest rates do this sector 0 favours.
Anyhow here's a tasty short setup.
BZH has had a double top bounce to first print a star candle then an evening star candle formation shakeout reversal patterns through the log 0.618 retracement from the previous high.
In addition there is a...
We will get a slew of housing data next week which will send shock waves throughout the housing market. I believe we get very weak housing starts and home sales numbers. My pessimistic belief for this data is derived from the fact that interest rates are at 3 year highs. Interest rates have a big impact on financing costs for homes, when financing costs rise home...
Good accumulation. On a breakdown upwards. Do not forget the stop loss!
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The homebuilder sector etf was up .75% on friday, despite rest of market being red. BZH has rising channel on daily, resistance would be $14.44 in this channel. Over 4000 $14 calls sitting in OI for 10/16. Fibonacci .618 is $15.4. Everything is dependant on Trumps health. Happy trading
Looking for up trend within the channel. If it breaks to lower support might be good opportunity to double down. Always take an options position for put to protect yourself from downward movement.
