Finishing the Ride Down... Strap up!!!As I've viewed NASDAQ:FANG , I noticed a Bullish Trading Channel that started in Sep 2021 and noted that on the chart... however, while still in this Bullish Channel, there appears to be a Bearish Trading Channel that started forming in Jul 2024. With that being said, along with what I've documented on the chart, I see more downside potential.
My 2 cents for a case of short term continued downside is as follows:
NASDAQ:FANG recently broke support on the daily after multiple touch points. I did not highlight those touch points but you can clearly see on the chart where 167.67 provided support, which just closed below that level.
My favorite assertion is the last 3 closings for their earnings reports has given way to an additional 12-15 points more to the downside, roughly 4 weeks after the earnings report was released. Furthermore, this last earnings report saw a 24 point move to the downside in 6 weeks after earnings. That Dec 2024 low was followed by a bounce of almost 19 points upward until it started its' decline again, which we are currently in heading towards the next earnings report on 2/24/25.
I am looking at the following short term plays:
Both the 155 Put and 153.56 Put expiring 3/21/24
Again, as I've said before... I am not a financial guru and definitely not a financial advisor (yet) but I will share with you my claims regarding what price action I see. I'd suggest you complete your own Due Diligence and not jump into mine or anyone else's advice without diving into some analysis yourself. Last and definitely the most important part... Take Profits, Take Profits, Take Profits!!! I cannot stress that enough. Good luck on your trading journey!
