OPEN breaks out. Can it continue?
OPEN a disruptive company in the residential real estate sector as shown on the 1H chart has
continued out of a pullback. Is the continuation sustainable? I believe that inflation has
become imbedded into the economy. Banks have survived the crisis with federal support and
action. The Z score and relative trend index are impressive with the present indications.
In an abundance of caution, the mass index is approaching the reversal zone above and could
be somewhat predictive of a potential reversal. Moreover, the anchored VWAP lines with an
origination ten trading days back shows price at three standard deviations above the mean
VWAP. Overall, I believe that I should not enter a long uptrend this far into its extension
when there are signs based on technical indicators. Instead, I will watch for another
pullback or actual retracement.
continued out of a pullback. Is the continuation sustainable? I believe that inflation has
become imbedded into the economy. Banks have survived the crisis with federal support and
action. The Z score and relative trend index are impressive with the present indications.
In an abundance of caution, the mass index is approaching the reversal zone above and could
be somewhat predictive of a potential reversal. Moreover, the anchored VWAP lines with an
origination ten trading days back shows price at three standard deviations above the mean
VWAP. Overall, I believe that I should not enter a long uptrend this far into its extension
when there are signs based on technical indicators. Instead, I will watch for another
pullback or actual retracement.
Trade active:
OPEN is down 2.5% in the premarket. I have a small short sell position and will buy
a put 24 DTE striking $4 at the market open.
a put 24 DTE striking $4 at the market open.
day when the general market is heading down. I may be inclined to take a short trade or a 0-5DTE put option to trade the pullmark.