SOCL trade ideas
Social Media - stuck in a rangeThis ETF that tracks the evolution of social media companies is stuck in a range, and a range always offers possible trades.
The range is visible on the weekly chart. I would have liked to see a a false breakout above the ceiling, so I will have a soft stop above it, offering this trade enough wiggle room. The Force Index is oversold,
On the daily chart, price has gone almost parabolic. Because of Brexit, a abandoned baby formation emerged.
I am looking for the lower side of this range, with a soft stop above its ceiling.
SOCL: Social media fund short updateShorted 22.90 due to fib 2.618 and bearish momentum divergence.
stocktwits.com
Now price is putting a bullish wick, in a middle of nowhere, that needs attention, especially if close above 50 fib of the last uptrend. Bullish reverse divergence created, as suspected, due to the fast move.
Former demand zone became supply now above, where I guess most of the short stops are nesting.
Take care
Cheers
Panos
