There have been 4 strong tests on the trend line, the first three were over sold, the last one the looks like it's about to break out and is a.) mid BB and b.) right on the MA line. There is also a cross of the 50 and 200 SMA lines, and consolidation has already begun at the trend line. I have added this to my Schwab watch list and will be watching over the next week for the breakout candle so that I can set my buy and stop conditions. If anyone disagrees, Id love to hear your thoughts. I am fairly new to trading.
Comment:
I mistook all of this for a reversal, before opening I changed my mind, thinking that actually it was a bounce, though I think it could be thinking about reversing, not likely that it will anytime soon. However, it will more than likely continue to bounce, however that's a little rich to get in and out of, better to go long and just ride it out if it's on the level of your playing ground.
Comment:
Though you never know.. I guess it depends on how emotional people are about it..