I actually bought calls on this today and was briefly up 20% before being stopped out for 9% loss.
There are gaps left behind on Google which I highlighted with white lines.
The purple 50 sma that's giving it a dead cat bounce. The reason I think it's a dead cat bounce is because of the weekly selling pressure which is indicating some more selling to come.
Depending on market reaction to CPI we can either close gap at 93 and bounce or we continue to sell towards 88 gap close .
The fact that's its not selling as much as the rest of tech is due to 15% drop already which led to being oversold on the hourly
Also XLC sector looks bearish with NFLX and Meta correcting
There are gaps left behind on Google which I highlighted with white lines.
The purple 50 sma that's giving it a dead cat bounce. The reason I think it's a dead cat bounce is because of the weekly selling pressure which is indicating some more selling to come.
Depending on market reaction to CPI we can either close gap at 93 and bounce or we continue to sell towards 88 gap close .
The fact that's its not selling as much as the rest of tech is due to 15% drop already which led to being oversold on the hourly
Also XLC sector looks bearish with NFLX and Meta correcting
Commentaire:
Closed gap at 93 and bounced with a hammer print. Watch for a move back over 50sma to switch long
