this stock look headed much lower , quite possibly down to 42 area. my first target is 54.50 area.
I like the coiling action in this name right above a long term support level.
dont know what the catalyst would be to trigger the move.
but im looking for an upside move over the next few days.
My belief is that we stall here and retest support
The vast majority of us traded stocks and etfs all share this same price pattern.
intraday today was a gift,
i dont expect to be here tomorrow i'm expecting to see lower prices, possibly for the rest of the week.
i will be looking for intraday plays only, no swings.
could bounce a little from here but will be sold.
strong hands still not holding,
neither am i. simple trade.
the energy market remains weak.
i would stay short this market until price dictates otherwise.
Keeping it simple.
expecting lower prices before a retrace.
I see no reason for me to go bottom guessing here.i will let it play out as planned .
the markets are clearly under pressure short term. i see no reason to gamble on bottom picking right now.
sit back ,analyze then pounce when the time is right.
message to myself.
Currently im neutral on the name, need to see some price stability before i get involved on the long side.