New Channel and bounce off support
On a very rough day this seemed to be better than it could have been, closing at strong support of ~$30. Everyone seems to identify $30 +/- .40 as support, price-wise and as a psychological level. We also tested the 50 SMA on the daily as shown.
I entered a long trade after ER and picked some more up today with an average cost of $32 now.
Considering how rough today was with the overall market drop, I don't think it's unreasonable to view today's low as the bottom of an ascending channel on the daily. At some point there's a trading day that creates the bottom of the channel, and I think today could be that day.
This isn't advice; I'm interested in knowing what your thoughts are for some active discussion. I see some other ideas about an inverted head and shoulders, or a very large cup and handle, but why either of those as opposed to this channel?
I entered a long trade after ER and picked some more up today with an average cost of $32 now.
Considering how rough today was with the overall market drop, I don't think it's unreasonable to view today's low as the bottom of an ascending channel on the daily. At some point there's a trading day that creates the bottom of the channel, and I think today could be that day.
This isn't advice; I'm interested in knowing what your thoughts are for some active discussion. I see some other ideas about an inverted head and shoulders, or a very large cup and handle, but why either of those as opposed to this channel?
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