We're sitting right on a major support level for the Q's and at 50% retracement. Pick your poison:
Long - Currently oversold, and saw a good bounce off 169.24 today. Expect a potential run up to the green box. Stop/Loss on a brake of today's lows on volume.
Short - Don't really see any form of support until $160 if $169 breaks. If it does break with conviction, A hard sell-off straight down to 160 could happen.
Overall, I'd expect expect short term bullishness just based on the amount of support and being oversold, but a 33% up run in 5 months...There's nothing pretty about the way down if we are entering a bear market. A lot of big tech names with ugly charts. Breaking these levels could scare a lot of people, and we could go down in a hurry, so be careful and keep those stop/losses tight.
*NOT Trade advice, do your own analysis.
Long - Currently oversold, and saw a good bounce off 169.24 today. Expect a potential run up to the green box. Stop/Loss on a brake of today's lows on volume.
Short - Don't really see any form of support until $160 if $169 breaks. If it does break with conviction, A hard sell-off straight down to 160 could happen.
Overall, I'd expect expect short term bullishness just based on the amount of support and being oversold, but a 33% up run in 5 months...There's nothing pretty about the way down if we are entering a bear market. A lot of big tech names with ugly charts. Breaking these levels could scare a lot of people, and we could go down in a hurry, so be careful and keep those stop/losses tight.
*NOT Trade advice, do your own analysis.
Note
Note
Watch for a rejection/break of the red line as well to confirm further direction.
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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.