If we are really pulling back in the market in the back half of the summer where do you want to re-accumulate your favorite names? I like TSM normally if we retrace id like to buy a deeper pullback but the gap fill looks like a decent spot lines up with the top range of the fib if you are looking for a nice swing trade into December.
If we truly are breaking out of this multi month consolidation I would expect a backtest of the S/R breaker candle here. Doesn't need to be exact but im thinking punch down into the green box and then push up. Falling back below the line and the move confirms as a headfake.
Usually id want to wait for a break thru the S/R and then short the re-test. But gut feeling looking at all those wicks in the red area. Certainly more risk take a short here but there is still decent R/R even with a tight stop.
Like the space. Everything moved to cloud and online in many industries. Makes me believe that cyber spend is increasing over this all to protect the newly housed data. This one may be beneficiary. Hats the thesis. Needs time to breathe and play out. But R/R and outlook are supportive of a trade here.
WEEKLY Looks terrible. Chart needs to reset. No need to hope back in now. HTF Trade could be a recalculation lvls to watch in the green boxes.
Long term like to see a retracement here in order to continue up. Between the fibs looks like a decent stopping point to re-accumulate.
Knocked on the door a bunch of time. Whats that old saying. The more tests the weaker it becomes. Well here is your chance at a new range. Lets see. Break and its backtest and go potential to top of new range.
Love the products love the name. Lon term uptrend. High time frames. Series of higher highs and higher lows. Expecting another. Mid-40s on long side. for a nice high time frame trade to 60s. Almost a 5 r trade in there.
Junk stock but might be worth a trade PT is only a 2r pt 2 if you had the patience is a 4r which is nice. Every once in a while you can throw some money in the risky stuff see if you get a hit. S/R levls so far being respected so worth a trade.
Financials terrible on all fronts in this environment. Will be big bounces along the way thou. Expecting a breakdown here at this 190s s/r level. Clears the way to the mid to low 170s. Like to see the interaction with that lvl.