Dropbox - breakout or breakdown? - put it on your watchlist
Updated
Looks like Dropbox has not been able to power through this next resistance level (red dotted line)
The breakout is steep, but it looks like it could fall back just as hard.
If you missed the initial breakout now is not a good time to enter, better wait and see where she goes next. We already secured our profits.
If this breaks the red dotted line we will get more fireworks, worth keeping on the watchlist.
The breakout is steep, but it looks like it could fall back just as hard.
If you missed the initial breakout now is not a good time to enter, better wait and see where she goes next. We already secured our profits.
If this breaks the red dotted line we will get more fireworks, worth keeping on the watchlist.
Order cancelled
As you can see my trendlines aren't that silly. We met heavy resistance at the top red resistance trendline and we fell back hard on top of the previous channel. The stochastics weekly is telling us we are in a downtrend, so this is a short until we stop making lower lows and lower highs.
It doesn't mean it can't be a long again soon, it just means right now it's not a good entry and you should have already taken your profit on the last peak.
I am currently only watching this stock, it's not an active trade for me in this zone.
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