Possible Stop below 57.5.
Close enough to call a double bottom, as long as it does not get thrown down again (; Right bottom right now would be 58.21 and 1st bottom is 62.20. It is not unusual for one to be higher than the other, but any further down, I would not call it a double bottom.
Perhaps it is a bullish shark pattern. It is trading in some sort of harmonic pattern, and only the cypher pattern and the shark pattern have the 2nd peak higher than the first peak. It has pulled back too far during the last leg to be a cypher pattern. It is qualifying as a shark but no way to know if the end of the leg down is the end just yet. We can only take an educated guess and no one is always right. Any pattern can fail just like any trend line or level of support can fail.
When harmonic patterns hit the completion zone, they can be very volatile, especially when the security in question is in a sector that has been catching hail (o: as of late.
Long entry level is usually viewed as a at or above level. Targets 2 are longer term and may or may not be met. I focus on targets 1.
Not a recommendation. Researching before you jump in can help a lot. Practice does not always make perfect but it sure can help! Loose stops as of late seem to be a good idea as well if you plan to hang with Mr. Market.
I looked down Friday morning and I was almost totally in the red except the stocks I bought in the defensive sector like PEP and PG. Then by the afternoon I was in the green for the most part. It can be very hard to trade a market like that so I am trying not to beat myself up! LOL
Close enough to call a double bottom, as long as it does not get thrown down again (; Right bottom right now would be 58.21 and 1st bottom is 62.20. It is not unusual for one to be higher than the other, but any further down, I would not call it a double bottom.
Perhaps it is a bullish shark pattern. It is trading in some sort of harmonic pattern, and only the cypher pattern and the shark pattern have the 2nd peak higher than the first peak. It has pulled back too far during the last leg to be a cypher pattern. It is qualifying as a shark but no way to know if the end of the leg down is the end just yet. We can only take an educated guess and no one is always right. Any pattern can fail just like any trend line or level of support can fail.
When harmonic patterns hit the completion zone, they can be very volatile, especially when the security in question is in a sector that has been catching hail (o: as of late.
Long entry level is usually viewed as a at or above level. Targets 2 are longer term and may or may not be met. I focus on targets 1.
Not a recommendation. Researching before you jump in can help a lot. Practice does not always make perfect but it sure can help! Loose stops as of late seem to be a good idea as well if you plan to hang with Mr. Market.
I looked down Friday morning and I was almost totally in the red except the stocks I bought in the defensive sector like PEP and PG. Then by the afternoon I was in the green for the most part. It can be very hard to trade a market like that so I am trying not to beat myself up! LOL
Note
FSLY is below all of the long term moving averages and this would be risky for sure. The chart is not screaming "buy me" lol. The stock is extremely oversold, but that does not always mean it is time, as a stock can read overbought, or oversold, for an extended period of time. There will be resistance above as well as folks are most likely stuck up there and in financial pain. They have most likely reached their "I feel sick" point and will sell every chance they get )o:
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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.