Watching this closely, but we should DEFINITELY wait for the breakout at this point. Large risk of rolling over here. Needs to hold $144.60. Looks like we may be headed back to the $110-$125 area for a bit...
ArjunRoy
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@kg3333333, Yes probably and I am hoping cause then I will pick some more up. But MACD and RSI pointing towards a bottom IMO. So let's see!
kgbrah
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@nagarjunroy, Me too! I agree on the MACD and RSI and I do think we are working to form a bottom, but that potential bearish engulfing at the top of the channel on the daily and losing the 90 EMA on the 4hr have me concerned. We need to close a 4hr candle above $156.44 SOON or we will likely lose the 50EMA as well, and that wouldn't be good at all...A break below $144.60-70ish before the close today and we probably go test the range I mentioned.
ArjunRoy
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@kg3333333, Sounds like I am going to get some more cheap LTC. TD indicator also went down to a 9. Tone seems expert on this indicator and he says ignore 1 number flip inside a series and count it as a red number. So the green 1 is actually a red 8 and the red 1 after that is a red 9. So that is also probably pointing to a bottom. Let us see how it turns out in next couple of days! But really appreciate your views and broaden my knowledge!
kgbrah
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@nagarjunroy, Honestly, I'll be happy either way! Having a breakout to buy or an opportunity to get some cheap LTC both sound great to me! Cheers!
carltonzone
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@kg3333333, This is a real struggle! Looking at the 15-min bar chart, it's trying like heck. I hope it holds. The 15-minute chart looks good for the moment, and is showing a higher low after the $150 point. If it can hold, it may continue. But if it breaks down, I think it will continue the bear trend down to lower levels, possibly eventually to $70. I'm holding for a selling point of $190, and I'm going to sell and wait for the final bottom. It's chancy, but I'm playing this safe. I have a feeling that the overall chart is showing that we could still be working towards the absolute bottom of this trend, and then I'll take my position again and wait for the real bull ride.
kgbrah
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@carltonzone, I think that is a great idea. Best of luck!