SIX showing signs of weaknessStoch RSI cross over and fast Stoch plunging down. Getting rejected at a resistence level. MA 50 as resistence.
SL - at 71
TP - 60 - 60.5
6FE trade ideas
SIX: At a very interesting spotRSI overbought above 75.
Double top potential right at 70.50.
Nothing bearish at the moment, although I don't feel this is going to break 70.50 soon.
Few options here.
1. Go long over break of 70.50 with a stop under 70 to watch for false breakout.
2. Wait for it to base for few sessions around this area and then go long after some minor pullback.
3. Short at current price with stop over 71.
Ideally wait for couple more sessions and then take a position.
Six Flags Buy in OpportunityAs a Six flags employee (I'm a ride operator) I thought it would be fun to do some TA on my workplace. I believe there will be an opportunity to buy into SIX, and ride their trend line sometime this summer. Ever since 2011 SIX has been following an upward trend line. A few times in the past, the stock has dipped below the trend line, but I still think that this pattern is consistent enough to trade off of. In January SIX double topped at the top of the trend line and now i believe that SIX will have a correction in price to the bottom of the trend line. This would put SIX at a 25-35% discount of its all time highs in January. If we get a strong indicator at the bottom of the trend line, such as a double or triple bottom. There is a high probability that SIX will have a bull run once again.
SIX - Upward wedge short from current price , $65 March putsSIX was a successful short trade quite a few times. And again it seems ready for another decline. It is running within a long-term rising wedge formation, and when it hits its top resistance, money flow has gone to zero with huge divergence. It has good insider selling as well as good short flow. We think it has good downside potential.
Along with stock we would consider $65 March puts, currently $3.00
* Trade Criteria *
Date First Found- December 14, 2017
Pattern/Why- Long term upward wedge
Entry Target Criteria- Would consider $65 March puts , currently $3.00
Exit Target Criteria- $55.77
Stop Loss Criteria- $68.13
Indicator Notes- Twiggs moneyflow divergence
Special Note- Insider selling; Short Float is 13.69%,
Please check back for Trade updates. (Note: Trade update is little delayed here.)
SIX lower channel and TL bounce, buy divergenceSIX is sitting at the bottom of the channel and TL with stochastic divergence. It just needs to turn up to confirm rotation up.
Buy: 53.25
Stop: 52.50
Target: 55.50 - 57.00 (4.23% - 7.04%)
SIX - Upward channel breakdown short from $57
SIX is one of the older alerts. It is going down & now approaching a key support areal around $57.
We think it has good downside potential if it can break down.
Go longThese are my thoughts on Six flags:
The stock bounced today at a really strong support line that lasted from a year ago. Early in 2016, the stock bounced a lot of times on that support line and did run for some nice gains, then a few weeks later the stock broke out of that support line and went really far on the downside. After that, the stock reverse and run for a really good move on the upside bounced back at the old support , restest broke out of that support line and in early 2017 the stock camed back at the old support and did bounced for a nice gain and now today the stock bounced again at that strong support line with a strong candle and with good volume so i am expecting a move on the uspside for the next month. If we look closer what happened the last few days , the stock went down really fast and yesterday the stock close very strong on the downside for a huge loss. today the stock open lower so that was bad for buyers and good for the sellers. The sellers were in control but they couldn't hold the power so the buyers came in and move the stock higher to finished the day with nice gain. The buyers are now in control and thats why im going bullish tomorow. When we see a fast reversal like that , this is positive for the buyers because now all the sellers think the stock will reverse so they either took their profit today or they will wait for an other time. I might be wrong but if the stock go to 58.06 tomorow then i will buy tge stock.
SIX - Weekly frame H&S formation Short from $56.56 to $42SIX is forming upward neckline H&S formation. Still like this a lot as short, and we think it can decline all the way down to $42
For a entry we are looking for a break of $56.57 & we would consider $55 Puts, last traded for $1.85
* Trade Criteria *
Date first found- March 23, 2017
Pattern/Why- H&S formation in weekly frame
Entry Target Criteria- Break of $56.57
Exit Target Criteria- $42
Stop Loss Criteria- $60.93
Please check back for Trade updates. (Note: Trade update is little delayed here.)
SIX - Head & shoulder formation, Consider Jun 55/60 Puts SIX seems forming a head & shoulder pattern. And now rolling over beautifully. The H&S pattern has potential to decline all the way down to $42.
To play this we would consider $55 Jun Puts, currently $1.48 or $60 Jun puts for $3.69
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Six go longI like this chart because the stock breaks a strong resistance line and then retrace a little bit and i think it will bounce at old resistance who becomes support.The stock is just above the MA 50 so that act as support also. I like the formation of a nice engulfing pattern and the stock on friday creates a nice shaven bottom candle, that means that the stock opens and immediatly move higher and almost close at his high so that is strong buying pressure. The fact that there is a strong candle formation and that there is great support , my thoughts are that the stock will go for a run on the upside. If the stock breaks the MA10 and goes at 60.65, i will buy it.
SIX - Short from top of the upper channel-line/resistance to $49SIX getting weaker after touching its resistance level near top of the upward channel. We think it will reverse from here & it would decline breaking the channel formation. We think it will decline to $49 area.
For trade we would consider $60 March-17 Puts @ $5.60
You can check our detailed analysis on SIX in the trading room/ Executive summary link here-
www.screencast.com
Time Span:0:35:30"
Trade Status: Pending
Ride this rollercoaster down, keep your hands and feet inside. Well, even though the recent earnings report blew speculation I'm noticing that this stock is moving rhythmically. These are weird Q4 earnings (2.2 mil - which is about what it costs for parking, admission, and food for a day at one of their parks with your family ohhhhh SNAP hahahha!) , because you would think an amusement park would post better in say, Q2 or summer months, but whatever. We see a bearish bat pattern starting to form in the neighborhood of the 54.00 even handle, a powerful psychological number. It's backed up by resistance congestion at the 55.00 handle. In the short-medium term, this stock is a sell.
