Hi, I've been following Cloudflare for a while, on the surface to be fair, and this stock is obviously valued at a premium where 50% CAGR is expected for a loooong time imo.
As the chart shows, on LOG scale, we are at trend of previous tops, and I've initiated a short position here, nothing big, mostly for fun, as I'm fundamentally a long term investor who does this for fun.
The stock has been overbought for a while on the hourly, and therefore it is poised to begin sinking imo.
Of course I need a stop loss with this, as I might very well be wrong, and I don't have a price, but if it makes a candle above the trend line, I'll be out.
Time may also force me out, as the trend obviously is bullish, therefore trending higher.
As the chart shows, on LOG scale, we are at trend of previous tops, and I've initiated a short position here, nothing big, mostly for fun, as I'm fundamentally a long term investor who does this for fun.
The stock has been overbought for a while on the hourly, and therefore it is poised to begin sinking imo.
Of course I need a stop loss with this, as I might very well be wrong, and I don't have a price, but if it makes a candle above the trend line, I'll be out.
Time may also force me out, as the trend obviously is bullish, therefore trending higher.