Tomorrow I'd be expecting a third test of the resistance in the graph. Only a breakout with high volume can be considered valid for the uptrend. If not, I'd short it on a fake breakout.
Indicators do not convince me to go long.
IMHO news about FCA PSA merger are already discounted. No reason to still price the security for that.
Fibonacci fan has worked well in the last decade providing resistances and supports for the DJI in the long run. But noooooow, the May candlestick closed just on the resistance and indicators are not in favor. In the following days, maybe starting from tomorrow, we are going to watch a first correction and a red candle by the end of June.
Now way it can be still...
I believe that the FED and U.S. Treasury are doing pretty good to support economy with their moves. However, I made a very simple observation on what DJ path might be in case economic and Covid scenarios get worse. I based my observation on a series of increasing tops(1,2,3) started after the March crash and not followed by another absolute top(4). This could be...
I am basing my strategy on a bullish channel set up from the two tops and two bottoms starting from the 2018 rally. Both perfectly closing on the boundary.
Now I see a pretty evident Bearish divergence from RSI and a double top on the momentum chart. I also believe that rally that started in Sept 2019 and ended in February 2020, brought the stock to an overvalued...
