Another pre-FOMC chopping week as we have seen in the past FOMC meetings this year. Clearly we are in the downtrend, but the questions are:
1) do we get capitulation down to 4000/4050 (potential bounce)
or 2) do we bounce to 4350 after 4 weeks of selling and fade?
Most likely chop between range 4120 - 4300 and then a direction will be picked for us post FOMC...
Chart pattern:
Breakout, retest and breakout again on $130 with great volume, now resting around $135
Entry @ $135
Target $166 then $175
Stop Loss when breaking uptrend or 8/21 ema on daily
Chart pattern: Potentially could break down trend on weekly, thus tight Lease & small size with Entry @ $15.5
Stop loss when daily close under $15
Target $17.25
Timeframe 3-4 weeks
Note:
Potential long-term hold, valuation is expensive so keeping core position small for now.
Chart Pattern: Weekly breakout retest & recent high VWAP retest and bounced. Ideally would like to see more buy volume coming in (see $GSAT)
Best entry @ $11
Target @ $15
Stop Loss when daily close under $10.75
Timeframe: 3-4 weeks
Note:
$ASTS should be a long term hold (>3 years). Will accumulate more core position through technical trading.
