As expected we are now heading lower. We hit resistance at the downtrend on the LOG scale. I’m planning to scale in at the normal scale downtrend and horizontal resistance. No buy signal yet. If we break LOG downtrend it is a screaming long but not until then
Possible false breakout. If we close today below 113.04 and hold any tests it is a good opportunity to short/manage risk. Mental SL is slightly above 113. We failed at the gap. Target price is support around 98
Boeing is at a key decision point. It has not broken RSI resistance. It is teetering on support. A break of uptrend is a good entry to begin a short position. Manage risk at downtrend resistance for RSI and price
If the dollar is going to make a relief rally now would be the time. Its at multiyear uptrend support and Horizontal support. If it fails. Look out below. If it holds, Look for a right shoulder to form.
Alcoa has made over 100% since my initial trade idea. Just as a general rule I booked Some profits and sold calls against my position at my intermediate price target of 20. If price holds from today’s earnings beat the long term downtrend will have been broken. I expect a retest of the down trend line and or horizontal support at some point and will scale back in...
The uptrend has broken. There was a failure at the 62 fib. RSI never hit overbought and the RSI uptrend has broken. Plenty of room on the downside until over sold conditions are hit. MACD has crossed. These are not signs of a bull market. All signs point to a further move down.
We retested old uptrend support / now uptrend resistance last month and failed. In my opinion. 3010-3030 is the highest we go this month unless we break old uptrend support which is now resistance. We are retesting horizontal resistance at 2930-45. If we fail again 2500 is my target.
$MGM in a very precarious position. It is bear flagging. RSI hitting still has not broken downtrend resistance and it is dangling on uptrend support. Disclosure: last Friday I sold may 15 15-17 call credit spreads above market price to finance some speculative puts
Alcoa this morning was trading at a price to book of .2. It has broken the immediate downtrend resistance. This morning it was at support from 1975 and held. It is the most oversold it has ever been in its history. Might be interesting to begin scaling a position as the market goes dow
AAXJ broke the trend line. 70.11-68.83 is the next horizontal support range. Not touching this until it holds a support. Wouldn't be surprised if it drops all the way down to long term diagonal support