On a TA standpoint, it appears that we had an all time low on September 8 2016. Since then, we are having higher lows within some kind of triangle with good resistance at 33.11.
Slowstoch or RSI are not even close of indicating any direction as to what direction one should take this trade.
But I guess this post is more fundamentals based positioning than a TA...
I was long on FAZ... until the only possible support (which I drew in green) broke. RSI is now testing that green line, and will probably...
1) show uniformity (if you don't know what this is, check out my account info)
or
2) hit resistance than bounce below
either way, FAZ should be shorted.
Not to mention... the RSI is hitting the red trendline. I know the...
In late 2015 the an RSI downtrend line was broken. Where it was broken is now considered support so I drew a horizontal support line at the support. After months, it has finally reached this support. Great buy, and stock will continue to bounce off this support in the future. This is the first bounce, I would get in this one opportunity because the first several...
Buy Vertical PUT Option spread on FAZ ATM ($55) 3 mth expiration to close at $40.
I have entered this as LONG - that is obviously referring to the market going long facilitating this trade which is SHORT on the FAZ 3 x ETF..
With the SM in retreat, maybe for a few more days, FAZ has broken out of the descending wedge trend line. How far will it climb? There are a few potential resistance lines drawn. With the Apr 17 FAZ $13 calls, it does have the potential to get ITM real quick and potentially hit $15.
