SKYY tracks the ISE CTA Cloud Computing Index (CPQ), and on this weekly view looks like one of few possible V-bottoms.
A few points to note:
- SKYY's current bottom actually took place March 16th; a calendar week before most equities
- We've had a 35% pop since the 16th (more than half of the nominal decline)
- And closed out last week with:
After a 32% jump from this bear market’s current low on March 23, Canadian banks (equally weighted) stalled after a modest evening doji star; confirmed in the prior two sessions with half of an initial 10% reversal in the bag.
Today’s closing price is inline with support/resistance levels during the bear market of summer 2015.
If volume comes back, ZEB could...