For me we are being played by a bear trap
Yes it broke the triangle, yes MA200 is at 8360, and yes fear is big in the market (thats why buy sounds like the right move right now)
I the short term we were putting some Lower lows, but locking at the daily we can see that we are putting higher lows, and as the trend channel is falling
there are bigger chances of breaking that resistance line.
I suggest a Stop Loss under the 200MA line, as I see a 20% change of falling
But on my view there is a 80% change of a bullish move now.
Nasdaq and the S&P are going up slowly today so we could break that resistance before that SPECULATED fall of the market.
We are also in the fear zone at 41, in the fear/greed Index so for me is a big BUY signal in front of me even though the rumors are not good at the moment
Have a good one guys.
I the short term we were putting some Lower lows, but locking at the daily we can see that we are putting higher lows, and as the trend channel is falling
there are bigger chances of breaking that resistance line.
I suggest a Stop Loss under the 200MA line, as I see a 20% change of falling
But on my view there is a 80% change of a bullish move now.
Nasdaq and the S&P are going up slowly today so we could break that resistance before that SPECULATED fall of the market.
We are also in the fear zone at 41, in the fear/greed Index so for me is a big BUY signal in front of me even though the rumors are not good at the moment
Have a good one guys.
Related publications
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.