While this is definitely on my 'high price/sales ratio' short candidate list, some of the action the past few days is suggestive of a short term bottom/bounce.
* MACD starting to turn up (hourly almost crossing the 0 trigger line)
* RSI coming out of oversold
* (not shown) coming out of bottom end of bollinger bands)
* a few long wick hammer-esque candles
* possible descending wedge (not well supported by volume story tbh, and could even be a downtrend *channel*),
I'm looking for a trade up to 170 in the next few sessions -- an optimistic view might be up to 180.
* MACD starting to turn up (hourly almost crossing the 0 trigger line)
* RSI coming out of oversold
* (not shown) coming out of bottom end of bollinger bands)
* a few long wick hammer-esque candles
* possible descending wedge (not well supported by volume story tbh, and could even be a downtrend *channel*),
I'm looking for a trade up to 170 in the next few sessions -- an optimistic view might be up to 180.
Comment:
noting this was a very nasty spike high reversal today -- highs in the am were sold hard and closed near the lows. not a good indication for this trade.