Pendant on the Day for NCTY - The9

NCTY, aka The9, is another Bitcoin mining company (as if there aren't already enough to choose from). On Friday, it ended down the news that the company will purchase another 24,000 Antiminer S19 mining machines scheduled for delivery later this year in November.

It is currently a textbook pendant, which is slightly down-trending (as seen by the trendline angles). Furthermore, it is trading on the beaten-up NASDAQ.

Normally, a pendant would make me bullish on the stock, but the close down on good news, the down-pointing pendant, and the state of the
NASDAQ has me second-guessing this one.


There are too many conflicting signals for me. I'm neither a bull nor a bear on this stock. Let's wait for the pendant to finish next week and let it tell us which way it's headed, then ride that wave.

Comment:

I just realized it's called a "pennant," not a pendant. SMH. Oh, well.

Comment:

According to Hind, the Bullish Pennant Pattern is the worst reliable pattern, with a success percentage of 54.87%.

This is not trading advice. I am new to this. Please do not listen to me.

Comment:

NCTY just closed below its support line on the hour, meaning it's failing support. It's a short.