Is the market still weak?
For a bull market to start its full course, we would like to see a selling climax phenomena. This happens when there's a substantial transfer of stocks from weak holders to strong holders. The selling climax can be refereed as a shake out too. Shaking out the weak holders from the market and letting strong holders to take its turn.
The market at the moment it's in its distribution phase. I think the news later will be negative and it will probably push the market further down to Support 1. The market at the moment is oversold so I would advice you to not hold you short position once it hits S1.
Good luck and happy trading :)
The market at the moment it's in its distribution phase. I think the news later will be negative and it will probably push the market further down to Support 1. The market at the moment is oversold so I would advice you to not hold you short position once it hits S1.
Good luck and happy trading :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.