Long position then Short PositionI don't think this rally based on the jobs report, Powell recognizing that market fluctuations will play an important role in the economy and thus the fed's decisions, and China agreeing to resume negotiations with Trump on trade has enough fuel to push the market through this cloud. The fear is so strong at this point. Investors are selling every rally. First line of resistance is the bottom trend line since the price broke through the channel to the downside. The second line of resistance is the top trendline. If the price breaks up through the first line of resistance, and perhaps some other fundamental factors come into play for the bulls, There might be a chance the price goes to $42-47. So IF and only IF the price sustains above the first resistance level, go long here at $38. I doubt the bulls will sustain the price above the top trendline, so I recommend a short position at around $42. The bottom of the next dip will be a doozy. Could see 50% profits on that short position.
