BOOHOO UK - Looking really bearish
Updated
This does not take into consideration any fundamentals of the company
Divergence is bearish on most time frames
Divergence is bearish on most time frames
Note
zoomed inNote
zoomed in again400 is massive resistance...
remember, when feeling too greedy... time to sell
when feeling too fearful... time to buy
Trade active
Nasty fake out... price crashed through most supports, stopping at the .618 retracement level... at 250... (where my squiggly red line marked)... I thought it would be a slower fall, but markets will always humble you... I would take profit at this point... price could bounce up a bit here to 285, before falling more to retest 200...Note
Zoomed in...Very clean ping of the .618 (250) which should be pretty good support. Re-test and rejection, could indicate a temporary bottom. Should it fail, 200 is next... Higher time frames have yet to show bullish divergences, although they are starting to show on the lower hourly time frames.
Trade closed: target reached
200 made a loud ping... tp2... and a nice flip position...Note
Just for the record, higher time frames hint that it could drop even more, much more... this here feels like a dead cat bounce... but for a day-trade, this was a really nice trade :). Congrats to anyone who followed through
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