Symmetrical TriangleSymmetrical Triangles can break up or down. For the time being this one seems to have chosen to break up..something tells me to be careful (o:
A doji noted for last candle in the weekly and monthly timeframes. The weekly candle is a long legged doji. Knowing your candles can help tons!
Pull back today..
T2/long term targets are as stated, longer term as a rule and often occur after a pull back of some type has taken place...
Keep an eye on overbought levels via RSI. It is not overbought today on daily RSI. Some prefer the RSI be over 50 to initiate a trade. Some will only buy if the security is oversold. We are all different. Overbought and oversold levels are subjective but it catches my attention when these levels are reached. The RSI can remain at extreme levels for long periods in a strong trend..
The Relative Strength Index (RSI) is a momentum (MOMO) indicator originally developed by J. Welles Wilder. The development of the RSI was to measure the magnitude of change in price action while offering signals of “overbought” or “oversold”conditions. It is considered a Leading Indicator.
RSI is a momentum oscillator. Some use 80 (overbought) and 30, even 40 (oversold) as a setting for RSI in a bull market and as low as 60 for overbought levels in a bear market. The strongest markets tend to stay above 50. In this market, seeing a stock become oversold is getting a bit unusual. I do not know if that is a good thing or not..LOL
There are “Bullish Divergences” and there are “Bearish Divergences”. These can signal a change and it is when the slope of the RSI does not agree with the slope of the trendline on price. A divergence may or may not mean there will be a trend change but it is good to be aware. It is often good to double check the possible divergence in the weekly timeframe
As a definition, RSI is a momentum indicator that compares the magnitude of recent gains to recent losses in a range between 0-100. Traditionally, a reading above 70 is considered to be overbought, while a reading below 30 is considered to be oversold.
Not a recommendation
Good idea to do your research. The market will give you enough rope to hang yourself if you let it
Rainy days and bad market days always get me down)o:
