Great setup here
Обновлено
I for one am glad that we are finally seeing a confirmed move out of the trading range we have been in for the past 3 weeks. The market has just been ranging back and forth for a while now and this is refreshing to finally see some tradeable setups that are really starting to form here.
In my opinion I believe that this thing will probably go up to around the 200 MA around the 300 range before a retracement. The fact that we gapfilled up here means we should fall at least to the close on Friday 5/15 of 286 but could go even lower until support of 278 is reached.
The market is not trading on facts and fundamentals but is more focused on news and sentiment of economies re-opening. We will start to see that re-opening is not going to be this magic bullet that will cure everything and as we open more, we should just start to really see the damage that has been done by COVID when businesses re-open.
There are plenty of cheap quality stocks to own at these levels. Thats why Saudi's bought into BA and DIS but those movements higher for those companies do not represent and turnaround in play for their core segments of business, just "hope for the future."
I will be looking to short heavily around the 300 range here but will still open a small long position bc anything is possible in this market. But if we fail to break through the 300 range, then setup on my charts shows no support here at these levels until we retrace back to 286 or even 278 lower.
I personally won't fully believe in this thing until we get firmly back into the 240's.
In my opinion I believe that this thing will probably go up to around the 200 MA around the 300 range before a retracement. The fact that we gapfilled up here means we should fall at least to the close on Friday 5/15 of 286 but could go even lower until support of 278 is reached.
The market is not trading on facts and fundamentals but is more focused on news and sentiment of economies re-opening. We will start to see that re-opening is not going to be this magic bullet that will cure everything and as we open more, we should just start to really see the damage that has been done by COVID when businesses re-open.
There are plenty of cheap quality stocks to own at these levels. Thats why Saudi's bought into BA and DIS but those movements higher for those companies do not represent and turnaround in play for their core segments of business, just "hope for the future."
I will be looking to short heavily around the 300 range here but will still open a small long position bc anything is possible in this market. But if we fail to break through the 300 range, then setup on my charts shows no support here at these levels until we retrace back to 286 or even 278 lower.
I personally won't fully believe in this thing until we get firmly back into the 240's.
Заметка
Also 300 range would finally close the Gap from March 5th which REALLY started downward action. Closing gap would be end of rally and potentially signal a retest of lows before finally starting move back up. Obviously time and price stops are key here
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