Lag line coming up to the cloud, we didnt get 3 green candle confirm once we broke through so the next real test is the lag line meeting cloud.
Either we fall back down to cloud and the futures will pinch, or we get a real confirm out of the lag line and we're back to buying calls.
So there are alot of areas the price can travel through. The thick lines are indicative of past price actions with at least 3 points each. We are also trending in a descending pattern.
But we are now trying to test top of the channel and even the bottom of one of the bullish price lines.
If we can break through both of these we should be able to rally until...
V looks poised to be testing this bottom of the long term channel (green lines)
Either we will bounce off and then rally (in which i will be adding to my 150C 12/21
Or we will break through and see a freefall indicative of a market retrace (in which i will pull out my calls and shove these babies into SPXU)
either way im still very bullish on Visa
Lets look at the buying indicators shall we?
1) Lagging line crosses cloud - Strong signal
2) Price action crosses cloud and validates more than 5 candles - Strong signal
3) Cloud turned green - Ok Signal
4) 9Day MA is now bullish - Ok Signal
Lets look at the negatives
1) only one of the moving averages is bullish - Ok Signal
2) RSI is high (but not a clear...
conversion line and standard line are both showing 148.75 resistance, as does the cloud on the ichimoku .
We should still be following a general uptrend. You "CAN" short the trade to 148.75 in the next few days however.
Analysis of the chart shows the uptrend of the second flag. Since we are trending to push the resistance level, there is a chance for us to breakout into the previous level of resistance.
Disclosure : I pulled out my $140C 10/19 on 8/28 in anticipation of this.