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First Trust Cloud Computing ETF

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SKYY trade ideas

hedging on $SKYYafter breaking out and rallying to all time highs I think SKYY will pull back to the 10 week moving average. this would be the 4th time the etf to touch or cross below it's 10 week moving average and would be a sign of an old and tired trend set to reverse. I am long SKYY 95 puts. with an initial target of $90 I am looking for INCREASING volume and expanding daily ranges downward to confirm a change in trend. a new closing high price would on large volume would act as a good risk level. this trade is to protect profits if large cap tech or certain growth stocks continue to pull back in price in january.
NASDAQ:SKYYShort
by allthesmokeacquisitioncompany
SKYY - Soaring through the cloudsSKYY tracks the ISE CTA Cloud Computing Index (CPQ), and on this weekly view looks like one of few possible V-bottoms. A few points to note: - SKYY's current bottom actually took place March 16th; a calendar week before most equities - We've had a 35% pop since the 16th (more than half of the nominal decline) - And closed out last week with: - absolutely monster volume - right on a resistance level touched three times in the past 52 weeks On the chart, I do not see a reason against SKYY blowing through its current price level at resistance; possibly gaining another 13% to get back to its all-time highs. First target is around the $65 level gap. Off the chart, you have to wonder whether AMZN & MSFT can keep making new highs, pulling SKYY along with it. Ultimately, the chart shows bullish to me; will enjoy watching it this week.
NASDAQ:SKYYLong
by halibut
SKYY Head and ShouldersSKYY cloud index is about to complete a head and shoulders formation on increasing volume. The moving averages are tucked up nicely right underneath the recent price action upward. I expect this to breakout upward toward the $61 price level where it will reach upward resistance. The formation of the head's range is rougly $4.5. A break upward into resistance at the $61 level would be about $1.5 from the head and shoulders neckline giving it 1/3 range breakout potential. When looking for a head and shoulders breakout you typically want to see 1/3 to 1/2 of the range that was formed in the head as a potential target price, or 75% to 100% of the range formed in the shoulder.
NASDAQ:SKYYLong
by BBTrader29
1