SHORT SPCE FOR A PRICE DROP TOWARDS BOTTOM OF PARALLEL CHANNEL
Updated
VIRGIN GALACTIC (spce) WILL BE UNDER PRESSURE SO THE LOGICAL THING WOULD BE TO PROJECT A FALL TOWARDS THE LOWER PART OF THE TRENDING CHANNEL SHOWN.
SHORTING THE STOCK IS RECCOMENDED AND COVERING WHEN PRICE REACHES AT THE BOTTOM SIDE OF THE SIDEWAYS TRENDING CHANNEL.
IF A BOUNCE IS OBSERVED ONCCE AT THE LOW SIDE OF THE CHANNEL,IF IT BOUNCES UP FROM IT GO LONG FOR A RIDE TO THE UPPER PART OF THE CHANNEL AND OFFCOURCE WITH ATRAILING STOP LOSS A BIT BELOW THE ENTRY POINT.
SHORTING THE STOCK IS RECCOMENDED AND COVERING WHEN PRICE REACHES AT THE BOTTOM SIDE OF THE SIDEWAYS TRENDING CHANNEL.
IF A BOUNCE IS OBSERVED ONCCE AT THE LOW SIDE OF THE CHANNEL,IF IT BOUNCES UP FROM IT GO LONG FOR A RIDE TO THE UPPER PART OF THE CHANNEL AND OFFCOURCE WITH ATRAILING STOP LOSS A BIT BELOW THE ENTRY POINT.
Note
If you followed the previous reccomendation you trailing stop should have kicked you out of the uptrending long position taken at the bottom of the channel. The price action during the past few days got out of the trending channel indicating weekness end or bearishness even though the rest of the market is stil bulish. It is suggested to wait and get in a long position at a lower price from these levels. By using a stop-buy limit order type at a sligtly higher price thun the current price action, a safe but lower cost position will be entered once an uptrending price action comences if the bearishness find a support level and reverses towrds the upside.
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