Currently looking at a long term (weekly) downtrend vs a shorter term uptrend (daily)
- Hitting daily support at $45
- Hitting lower daily bollinger band
- Somewhat negative signal on RSI, but nothing confirmative
- No earnings or dividends for 2 months - price will be more affected by technicals during this timeframe
2 trade possibilities
1. if long term downtrend holds (price moves down), and short term uptrend breaks, could be a good short play
2. if long term downtrend breaks (price moves up), and a bounce off current support, it will be a strong buy, as breaking a longer trend is a stronger indicator than breaking a shorter trend
Watching today until Friday to see if current level of support holds - if it doesn't move down sharply or break support and daily up trend, I'll probably buy between 45-46 with a 2.5/1 RR.
Good luck!
- Hitting daily support at $45
- Hitting lower daily bollinger band
- Somewhat negative signal on RSI, but nothing confirmative
- No earnings or dividends for 2 months - price will be more affected by technicals during this timeframe
2 trade possibilities
1. if long term downtrend holds (price moves down), and short term uptrend breaks, could be a good short play
2. if long term downtrend breaks (price moves up), and a bounce off current support, it will be a strong buy, as breaking a longer trend is a stronger indicator than breaking a shorter trend
Watching today until Friday to see if current level of support holds - if it doesn't move down sharply or break support and daily up trend, I'll probably buy between 45-46 with a 2.5/1 RR.
Good luck!