Well howdy doo y’all!
Well dang nabbit, in a shocking turn of events, the bulls decided to take the initiative as we closed in on our level of resistance @$6,630 and have caused a small rally up to $6,900. This is not long lived though. This was a weak move by the bulls and a potentially large and hard correction is coming.
The way I have determined that conclusion was due to the ever declining volume levels. This rally was made with small numbers and follows a continuing trend of declining volume levels. That is a bearish sign if I had ever seen one.
There is potential that there will be some push back at the $6,600 range, but nothing more than a bear flag formation I would assume.
Ultimately, I feel that it will drop to the $6,420- $6,490 range. However, I do not feel this will be an appropriate buy level unless you are looking for a quick turnaround with a fair bit of risk involved as I think our next stop after that will be $6,200. More information needed though.
Call: Short
Target: $6,420-$6,490 (need further information before determining if this is a buy level)
Stop Loss: (no specific price) Closes above the solid white line circled in green.
Remember, don't drink and trade...always ask someone to hold your beer first!
((Guide
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Red circles are points of interest as they have several intersecting supports and resistances))
Well dang nabbit, in a shocking turn of events, the bulls decided to take the initiative as we closed in on our level of resistance @$6,630 and have caused a small rally up to $6,900. This is not long lived though. This was a weak move by the bulls and a potentially large and hard correction is coming.
The way I have determined that conclusion was due to the ever declining volume levels. This rally was made with small numbers and follows a continuing trend of declining volume levels. That is a bearish sign if I had ever seen one.
There is potential that there will be some push back at the $6,600 range, but nothing more than a bear flag formation I would assume.
Ultimately, I feel that it will drop to the $6,420- $6,490 range. However, I do not feel this will be an appropriate buy level unless you are looking for a quick turnaround with a fair bit of risk involved as I think our next stop after that will be $6,200. More information needed though.
Call: Short
Target: $6,420-$6,490 (need further information before determining if this is a buy level)
Stop Loss: (no specific price) Closes above the solid white line circled in green.
Remember, don't drink and trade...always ask someone to hold your beer first!
((Guide
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Red circles are points of interest as they have several intersecting supports and resistances))
Comment:
Here is the tweaked pathway.
The solid red line represents the support for that rally. It should catch a little resistance until it lowers down to that level, but after that I am expecting a drop to around $6,750.
Call: Still short
Target: $6,750
Stop Loss: (no specific price) Closes above the solid white line with green arrows on it.