I'm overall bullish with Tech and growth stocks. However, based on the chart we're looking, the price has touched the upper channel of the trendline.
For this bull rally to be sustainable, I prefer the price to retrace to its 20MA or 50MA.
It is possible that the price overshoots the upper channel and retrace back inside the channel (bull trap).
As a trader, I've exited all my Tech positions. I even entered into a small position shorting NVDA which looks too overextended for now.
Not a financial advice - just my observation.
Peace out!
Anton
For this bull rally to be sustainable, I prefer the price to retrace to its 20MA or 50MA.
It is possible that the price overshoots the upper channel and retrace back inside the channel (bull trap).
As a trader, I've exited all my Tech positions. I even entered into a small position shorting NVDA which looks too overextended for now.
Not a financial advice - just my observation.
Peace out!
Anton
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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.
Disclaimer
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.