GAp, Inc had a little pop after mediocre earnings to break its downtrend. IT put in an engulfing
bull candle to strike three smaller red candles. This could be considered a bullish sign.
However, the trend down has been much of the year with two head and shoulders along the way.
There has been no significant net accumulation of stock. I suppose there was a volume spike
of buyers thinking they were seeing the bottom. I do not think that the bottom is in until
there is seller exhaustion. Price is below the POC line of the volume profile. I will not be
convinced of a bottom until some net accumulation begins. I see the earnings pop as giving
a better entry for a short and call it a pullback correction of the trend down and a great
point to take a short trade.
bull candle to strike three smaller red candles. This could be considered a bullish sign.
However, the trend down has been much of the year with two head and shoulders along the way.
There has been no significant net accumulation of stock. I suppose there was a volume spike
of buyers thinking they were seeing the bottom. I do not think that the bottom is in until
there is seller exhaustion. Price is below the POC line of the volume profile. I will not be
convinced of a bottom until some net accumulation begins. I see the earnings pop as giving
a better entry for a short and call it a pullback correction of the trend down and a great
point to take a short trade.
Trade active:
GPS sideways for the time being with little directional strength.
Trade active:
Call option +15% still sideways.