Clear rising trend here for SPY. The trend line would be a great area to buy the dip. However, if the price breaks the trend line, clear opportunity for a short. The upper green dotted line is the all time high. AMEX:SPY
As I'm already short due to the the symmetrical triangle being broken to the downside, this inverse cup and handle pattern may just be strengthening that narrative. If we break the February low, I think the case is set in stone. If you aren't short already, I would recommend waiting to see if we break the low. It could act as support, however the bearish aspects...
FSLR currently at a long term resistance. Looking for this company to become a leader on a breakout, but SPY still has to cooperate to really let these bulls get going. Volume confirmation would also be nice.
TSLA bouncing off a major support once again. Seems like a nice spot to scale into a position (with a stop below), and maybe add even more upon a reclaim of the 200 day moving average
TSLA bouncing off what seems to be a strong support once again. Seems like a nice spot to scale into the name, and add to the position with a reclaim of the 200d moving average.
Even though we broke through the downside of the symmetrical triangle, I believe the long term trend (200d moving average) may hold more weight than the chart pattern. Entered into a bit of a long position today as we gapped up off the 200 day, and the former close low. Looking for another green day tomorrow, on volume, for more bullish confirmation.
