High probability swing short set up on CRSP
Updated
Here is my short case on CRSP:
- at the top of trading channel started since Feb 2020
- over bought reading on RSI
- both PPO and RSI shows very clear divergence high
Starting building a position as it hits the top of the channel and scale in as it moves down. Impulsive break of the wedge should move it down to the support at $161. Reaction will be likely, consolidation or a minor bounce. Then, if it gets taken down, then moving down to the bottom of the channel which intersects with $145.80 horizontal support. If that breaks, it's going way lower since $110 and $131 area are pretty thin so the move will be probably pretty swift.
- at the top of trading channel started since Feb 2020
- over bought reading on RSI
- both PPO and RSI shows very clear divergence high
Starting building a position as it hits the top of the channel and scale in as it moves down. Impulsive break of the wedge should move it down to the support at $161. Reaction will be likely, consolidation or a minor bounce. Then, if it gets taken down, then moving down to the bottom of the channel which intersects with $145.80 horizontal support. If that breaks, it's going way lower since $110 and $131 area are pretty thin so the move will be probably pretty swift.
Comment
Despite of very bullish candle yesterday, today's reversal put it right back down into the channel. Proven to be a bull trap. We are still early in the trading session so we will see how it closes today.Comment
Coming back down now for sure. Closed today at $189.46. Around 13% down from the high. Confirmed high level bearish PPO cross over today as well.Comment
Break down. Closing below the light green trend line. Heading to the first target. Nothing but red candles since Jan 21st. Down about 18% from the all time high.Comment
23.23% down from all time high.Comment
Down 35% since the all time high. Today, finally taken down $146 second target. Next target is the trend line. Reaction will be likely.Disclaimer
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