More warning signs here. How can someone deny the extreme high probability of a recession with so many consumer cyclicals looking like this. We were due for a pullback in 2016 that we never got because tech kept soaring to the moon. But reckoning is very close. Many stocks will look like this soon.
This stock may or may not be a buy, im not about to start bottom feeding because of a 25% gap in one day. But this chart is ominous. Just like celgene, and so many others.
This stock may or may not be a buy, im not about to start bottom feeding because of a 25% gap in one day. But this chart is ominous. Just like celgene, and so many others.
Note
celgene also peaked in 2016. along with many other cyclicals.
Note
notice the head and shoulders pattern at the top of BBBY, with the right shoulder slightly higher than the first left shoulderNote
Now observe the SPX500 making the same move. Note
the only difference is it was delayed by 3 years due to the FAANG bubble (tech bubble 2.0)Note
The NAS100 emulates BBBY's price action more closely by showing the second shoulder rising slightly higher than the first and offers a better example than the S&P.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.