Trend Lines and Support for What Comes Next
Regression Trend lines drawn from 9/3 (42 bars), 9/17 (5 bars) and today 9/23 (1 bar).
A few possibilities here. A positive bounce of July support would take us back to the 50d MA. Unlikely that we would cross over that line without a pause. The 5d regression line points to a lower but still healthy increase of 1.19%. But the sharp downward action of Wed does not make those first two options seem likely.
More likely is either sideways riding the support from a July trading channel. Or if that support fails, then the next likely stop is a June support channel and the round number pause at 10,000.
A few possibilities here. A positive bounce of July support would take us back to the 50d MA. Unlikely that we would cross over that line without a pause. The 5d regression line points to a lower but still healthy increase of 1.19%. But the sharp downward action of Wed does not make those first two options seem likely.
More likely is either sideways riding the support from a July trading channel. Or if that support fails, then the next likely stop is a June support channel and the round number pause at 10,000.
Website: drewby.com
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
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