MSTR Descending Channel + Support Test
MSTR has been trending down since late last week, but is now coming into an important area of support around $370. There's good potential for bulls to hold here which should lead to a breakout above the channel and a move back up towards $490-$500. If it can't hold $370, that's not great but it would still have potential trendline support below along with previous consolidation from earlier in the month.
Bullish for now IMO, but not so much if it breaks below $370. Watching for a trend break in either direction.
Bullish for now IMO, but not so much if it breaks below $370. Watching for a trend break in either direction.
Trade active
Near perfect bounce on the lower end of the channel which led to a move back above $371.85. Now we have a breakout above the upper end of the channel. Lots of momentum, next target is $450, which is near a previous gap and a recent high.
You reap what you sow.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
ko-fi.com/shop/settings?src=sidemenu&productType=1
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
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.
You reap what you sow.
ko-fi.com/shop/settings?src=sidemenu&productType=1
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
ko-fi.com/shop/settings?src=sidemenu&productType=1
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
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.