I don't know what the real name for this pattern is, but it looks like a vacuum cleaner and it is usually bearish, unless the tip of the vacuum is pointing up, in which case you will probably get some sort of bounce.
Oil price increased due to new storage space — Railcars.
It is now at a good supply level. ALso consider shorting CHK and KMI.
The business model suffers. They have to pay license fees for them music, They make money from subscriptions and ads. Too many ads, and people leave. But there are other competing services, such as YouTube.
I don't normally use Fib retracements. How do you explain the massive buying that drove price from $7.10 to ...
Nope. But sure counted on the bulls to think so, which is why I waited until Friday's close to put back on HYG and JNK. We might see bigger drop this time (more likely) or we might see some slow trickle downward.
Price target: $31 or lower.
Will adjust target as market (and oil) change.