I reviewed this chart the other day, I liked the volume and the trend line confirmation (3 touches). But with the v-rally selling off by about 50% I have my guard up. We're seeing continuously high volume here, higher than the previous visits to the trend-line.
I'm not quite bearish here. But I wouldn't advise a swing entry until we revisit the trend line and prove we can hold it. We closed Friday near low of day, which leads me to believe we'll visit the trend-line either Monday or Tuesday.
If we can hold that level I still like the risk reward.
My line in the sand is a close below $216.88
I'm not quite bearish here. But I wouldn't advise a swing entry until we revisit the trend line and prove we can hold it. We closed Friday near low of day, which leads me to believe we'll visit the trend-line either Monday or Tuesday.
If we can hold that level I still like the risk reward.
My line in the sand is a close below $216.88
Note
playing out as expected so far. Patience for the bulls, hands off for the bears until we get below that line in the sand at $216.88Note
Alright, my sentiment has shifted to bearish now that we're below $216.88.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.