Melting SNOW
Updated
SNOW has been on a constant uptrend with average volume but momentum indicators are been moving in above average range. SNOW had a rejection at the 3.618 resistance. With the stock being overbought it looks to be due for a drop soon.
SNOW will likely fall this week, sooner rather than later; SNOW could likely retest the top of the trend line early in the session. Prices looks to test the bottom of the trend line . With a break of the trend line , will be looking for a retest of trend line and large selling volume .
A rejection at the top of channel would act as a entry point. The bottom of the channel would act as a potential exit point. If there is a breakout then will hold position until blue trend line using the top bottom of channel as stop loss
SNOW will likely fall this week, sooner rather than later; SNOW could likely retest the top of the trend line early in the session. Prices looks to test the bottom of the trend line . With a break of the trend line , will be looking for a retest of trend line and large selling volume .
A rejection at the top of channel would act as a entry point. The bottom of the channel would act as a potential exit point. If there is a breakout then will hold position until blue trend line using the top bottom of channel as stop loss
Trade closed: target reached
Note
FEDS speak November 3rd and that causes great concern in the market. SNOW showed an attempt to break the trend line earlier but it could not. With SNOW being overbought on the daily chart I will be waiting for it to hit resistance again. One hour chart shows that there is a uptrend coming so I am looking for it form a double top on the one hour chart.
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