JNK in weekly downtrend, bouncing up from what looks like oversold territory (outside of range). Price may come up to $33 before resuming the downward trend.
A directional rebound would likely see retest of the $32 level. We haven't seen that. Thus, this isn't a reversal but a temorary bounce off the lower trend channel.
A directional rebound would likely see retest of the $32 level. We haven't seen that. Thus, this isn't a reversal but a temorary bounce off the lower trend channel.
Trade closed: target reached
Covered winning trade just below $32 (greedier than planned, but not as much as I could have gotten away with).Quantity demanded below $32 drove a bounce with big momentum chasing. Price is back to $33 (2016-02-26). Time to short JNK and HYG again.
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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.