Switchback
Switchback Energy Acquisition can go even lower?Switchback plans to close on its merger with ChargePoint in early 2021.
ChargePoint is rapidly growing its charging station network in the U.S. and expanding in Europe.
It expects sales of its charging ports to grow by seven times through 2026.
But investors drove shares up beyond what is reasonable.
Even after today's drop, the combined company would be valued at over $9 billion, triple what the equity value was predicted to be when the transaction was announced. (source: fool.com)
Please leave me a message if you want to test the buy and sell indicators that i am using.
Bull pennant on SBESBE watching for breakout of bull pennant, if pattern fails i can see a bounce at 24.93. PT 32
Looking for signal to short this bloody equity rally?I have a solution. Use the moving average 50 period low.
Check the 4h chart on US30.
Insert a 50 period moving average low.
Insert support and resistance lines.
You will notice a couple of things, at the end of the last equity rally, it was profitable to short the market EVERY TIME once the price CLOSED below the 50MA. In other words you couldn't go wrong using this signal.
In the current rally, the MA50 has acted as a support EVERY TIME (along with upward trend). A close below this line will be a good time to sell based in historical patterns. A close below the upward trending black support as well will confirm selling signal.
We are approaching historical resistance and I'm expecting the price to fall below the MA50 soon - probably this week.
The rally has taken many scalps. Don't be cannon fodder. Trade wisely. There are many fundamental reasons why this rally should end, I feel that this rally is purely technical.
