Short term reversal trade
We are watching a retracement and could have found a temporary bottom here.
The market participants have tried to break the resistance 6 times at 14.600 since tech (and everything else ofc) plummeted in Q1 (since January).
the market bounced at 13.000ish and tanked up to 16.000 and higher.
Witnessing a short-term retracement from that bullish movement and a possible swing trade idea.
Looks like 14.400 has strong support and the market will probably go through 14.600 and visit 15.000. This range is probably tradable for a few days.
anyway, "things" can happen, so a continuation of a downtrend is not fully negated, but the odds for a surge are, in my humble opinion, looking good.
Thanks for reading
(No financial advice here)
We are watching a retracement and could have found a temporary bottom here.
The market participants have tried to break the resistance 6 times at 14.600 since tech (and everything else ofc) plummeted in Q1 (since January).
the market bounced at 13.000ish and tanked up to 16.000 and higher.
Witnessing a short-term retracement from that bullish movement and a possible swing trade idea.
Looks like 14.400 has strong support and the market will probably go through 14.600 and visit 15.000. This range is probably tradable for a few days.
anyway, "things" can happen, so a continuation of a downtrend is not fully negated, but the odds for a surge are, in my humble opinion, looking good.
Thanks for reading
(No financial advice here)
Comment:
the resistance 14.600 hodor´ed one more time and the triple bottom at 14.300/14.400 as you can see.
two options now:
1. the market bounces back and attacks 14.600 again for the 8th time
2. The market cracks 14300 and forms a gap to the downside over the weekend.
Another possibility:
The market creates the range between 14.300 and 14.600 and goes sideway ticking up and downwards, acting in this price range with actually is a decent price range of more than 2%.
Lots of gains are possible here. I for myself took a short from 15.170 expecting for a huge weekend gap to the downside looking at a sweet spot at around 13.800. This is no financial advice here.
Keeping it updated, happy trading
two options now:
1. the market bounces back and attacks 14.600 again for the 8th time
2. The market cracks 14300 and forms a gap to the downside over the weekend.
Another possibility:
The market creates the range between 14.300 and 14.600 and goes sideway ticking up and downwards, acting in this price range with actually is a decent price range of more than 2%.
Lots of gains are possible here. I for myself took a short from 15.170 expecting for a huge weekend gap to the downside looking at a sweet spot at around 13.800. This is no financial advice here.
Keeping it updated, happy trading
Comment:
As you can see the 8th attempt to break the resistance and reverse the trend was not successful.
Even though the volume increased noticeably and the push higher was underlined by energy and volume, the resistance at 14600 held and thus got rejected.
We are aiming for 13.800, big support, which will be my personal close of the short trade from 15.170.
Even though the volume increased noticeably and the push higher was underlined by energy and volume, the resistance at 14600 held and thus got rejected.
We are aiming for 13.800, big support, which will be my personal close of the short trade from 15.170.
Comment:
"""""Lots of gains are possible here. I for myself took a short from 15.170 expecting for a huge weekend gap to the downside looking at a sweet spot at around 13.800. This is no financial advice here. """""
I closed my Short at 13900.
Hey there, two days later:
I reentered the market adding:
1 contract at 13.950
1 contract at 14060
1 contract at 14130
I will hold until 14800 at minimum and think a temporary reversal of the trend is possbile.
Consumer news were okay and Cash reports even weren't good at all, stocks ignore it
JPMorgan said Q1 was bear but now its over, and since we dont want another bad Q2 in risk of an inflation and consequently a recession the odds are good for a bullish moment here.
"Sell in may" could be the credo ;-)
that it for right now,
have a good one,
gqt
I closed my Short at 13900.
Hey there, two days later:
I reentered the market adding:
1 contract at 13.950
1 contract at 14060
1 contract at 14130
I will hold until 14800 at minimum and think a temporary reversal of the trend is possbile.
Consumer news were okay and Cash reports even weren't good at all, stocks ignore it
JPMorgan said Q1 was bear but now its over, and since we dont want another bad Q2 in risk of an inflation and consequently a recession the odds are good for a bullish moment here.
"Sell in may" could be the credo ;-)
that it for right now,
have a good one,
gqt
May the force be with you
If this holds, the lower regions of 14.400 could be retested to form a triple bottom and try again. Will keep this updated