About meJust trying to improve on my charting. Nothing I post should be misconstrued as financial advice and is only out there as a way for me to solicit comments and feedback
CMC gapped down below the 50/200 MA on Wed and failed to reclaim it yesterday. Playing this as a short with nearest term support at either $32.97 or $31.47
Low risk play trying to leverage last Friday's massive volume (837%) attempt at an undercut and rally. Decided to play it when price opened today just a few cents below previous day's high.
I'll just call this a Hail Mary since I don't know what this would fall under as its still in consolidation after the previous cup with handle pattern.
But last Friday's pocket pivot volume was about 450% above average even as it squatted. The rally seems to have been a marked attempt to get the price above the 50 MA last Friday (which it held) and opened today...
Cup with handle that could have been entered yesterday. The bottom of the handle retraced just a smidge above the .50 fib level before bouncing back up with the last two days sporting a pocket pivot.
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