I'm going to cop some flak for this I think, since it's a hotcopper hype train stock.
Still, if this H&S formation repeats similarly to the previous one, $20 is a possible target level. The logic being last time, it fell about 1/3 below the neckline (compared to the distance from neckline to peak). So the same 1/3 will be $2 below the neckline.
I don't have money on the line yet, but may short if buyers exhaust by the end of the day.
Still, if this H&S formation repeats similarly to the previous one, $20 is a possible target level. The logic being last time, it fell about 1/3 below the neckline (compared to the distance from neckline to peak). So the same 1/3 will be $2 below the neckline.
I don't have money on the line yet, but may short if buyers exhaust by the end of the day.
Trade active:
I'm short now, with a sell order in at 19.70.
I don't think I'd necessarily open a long position there though, it just might land there and consolidate.
I don't think I'd necessarily open a long position there though, it just might land there and consolidate.
Comment:
*buy order at 19.70