This was originally on my long entry wait-list and the two bottom white lines are my entry levels for a long but I am shorting this for now , I think it can come down some in the meantime . I decided to keep the long entry plan on the same chart hope it's clear . If we get a long entry opportunity in the future on the long side i'll publish a separate Long idea...
NASDAQ:TILE I love this company but cannot help seeing H&S pattern which also breaks down to double top on a D frame WHY - H&S pattern on W - divergence on indicators - bouncing off all time resistance at 26 - some chart inconsistency (price failed to make a new high having stopped at 26 ) and double top on D (price travelled to 26.25) HOW - a lot of shorting...
This is a intraday alert sent out to our subscribers- TILE seems breaking down from a H&S formation. It appears to be breaking down its right shoulder. We think it will be a good short from here.
Potential bullish pattern - long @ 14.30/20 Target 1: 15.90 Target 2: 16.90 Stop below 13.70
The stagnation of the price at the bottom there while it is continuing to be oversold is a good indicator of the bounce back up. TILE has also been having higher daily lows, progressing upwards and yesterday showed a higher high than the previous day so buying pressure should increase within the next few days. thepatternsite.com thepatternsite.com
long trade above yesterday high...21.25...with swing odds for 22.50 target area