Many are calling for a breakout of a longer-term ascending triangle. That formation is still in tact. However, short-term, I'm detecting a H&S top and a rising "bearish" wedge. Downside levels shown.
Traders,
Bearish momentum at the top of the range, expecting bears to continue at this level to the bottom of the range. Very high probability shorting situation.
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With the world melting down is Russia going to get a little bit of a breather?
S&P sat around TL and psychological resistance at 1900 we could see a bounce up next wk.
Yandex (Russian Google) broke above its Bearish TL back in Oct last year (~12.80) and just dipped below that break out level as it gapped down on Friday. Looking to fill that gap in next weeks...
With the world melting down is Russia going to get a little bit of a breather?
S&P sat around TL and psychological resistance at 1900 we could see a bounce up next wk.
Yandex (Russian Google) broke above its Bearish TL back in Oct last year (~12.80) and just dipped below that break out level as it gapped down on Friday. Looking to fill that gap in next weeks...
Oil will rebound, and Russian stocks is one of the best ways to play this rally IMO. Going long YNDX here based on its recent strength vs RSX. I think it's in the position to lead the market up when oil finally bottoms.
Traders,
Looks long for me for a while. There is a longer term ABCD pattern to be hit, but i'm more concerned about just getting in now and seeing where we end up.
Best of luck traders,
Tom
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Thank you.
